Floored. Just floored.
Financial Accounting Standards Board chair Leslie Seidman said that many of the priority projects slated for convergence with the International Accounting Standards Board probably will not be settled until next year at the earliest.
Les will have all you haters know that this adjusted timeline has been well received by those that are taking this shit seriously:
This is a real process with real outreach and real consideration of the issues that have been raised. And the fact of the matter is that it takes time to work through these issues. The changes which we have made to the timetable, which we have made jointly with the IASB, have been very well received among the constituents who take this process seriously. They are very supportive of our strong commitment to making sure that we end up with improved standards here that are going to stand the test of time.
So if you were expecting Fisher Price accounting rules, you can forget it. These beautiful babes will be used to line up the debits and credits when Spacely Sprockets finally breaks ground.
FASB’s Convergence Timeline Moves to Next Year [AT via Jim Peterson]
