The G20 group of countries has dropped an accelerated timetable for adoption of IFRS by June 2011.
At the recent Toronto summitt, the G20 stated that while they continue to emphasize the importance of completing a single set of high quality improved global accounting standards, they decided to relieve pressure on convergence of US and international standards by making no reference to the urgency of the project. Earlier, the G20 had called for convergence by a June 2011 deadline.
Prior to the summit, the IASB stated that some convergence projects would not make the June 2011 cut-off point.
