Well, we’re finding out that accounting convergence is not as easy as it sounds. It turns out that putting two separate groups of accounting standard setters into a room a couple of times a month doesn’t guarantee that they’ll find common ground on every issue. So, despite the hopes of the G20 and the ambivalent, though on-going, consideration of the SEC, it seems the 2011 deadline for achieving the goals of the MOU might not be met. (Here’s the letter from the David Tweedie, IASB Chair, and Robert Herz, FASB Chair to the G20: http://www.iasb.org/News/Announcements+and+Speeches/IASB+and+FASB+update+to+G20+Leaders.htm)
Were we really surprised?