FASB, IASB Delay Global Accounting Rules on Leasing, Insurance
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U.S. and international accounting groups pushed back a June target for reaching global accounting standards on leasing, revenue recognition, financial instruments and insurance.
A delay of “a few more months” is needed as the Financial Accounting Standards Board and International Accounting Standards Board respond to feedback on drafts of the proposals, FASB Chairman Leslie Seidman and IASB Chairman David Tweedie said on a podcast summarizing a meeting of the two groups that ended today.