IASB convergence extension was on the cards

TS IS PLEASED the International Accounting Standards Board has finally cashed in its get out of jail free card.

Initially working to a June 2011 convergence deadline set by the G20, in the hazy days of summer 2010 the G20 revised its timetable to late 2011.

The IASB was curiously silent on this six-month extension – until Thursday, when it granted itself “a few additional months” to ensure its conclusions “will last the test of time”.

TS wonders how chairman Sir David Tweedie will feel about his replacement being the one to smash the proverbial champagne across the proverbial IFRS bow.

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