The heads of FASB and the IASB said they have decided to extend the timetable for a few additional months beyond their June target date to complete priority joint convergence projects on revenue recognition, leases, financial instruments and insurance.

FASB chairman Leslie Seidman and her counterpart, IASB chairman David Tweedie, said in a podcast of the board’s April 12-14 joint meeting that the June 2011 target date was not a firm deadline. Tweedie said, “The June target has helped us to get there but at the same time it is clear that we need a little more time to check the conclusions, and to ensure that the standards are of the highest quality.”

“Our next step is to lay out the plans for the completion of the work on the remaining projects,” said FASB chairman Leslie Seidman. “This is going to include: how are we going to complete our technical discussions, and importantly, how are we going to consult with stakeholders as we move forward to finalizing these standards.”

To read the transcript of the IASB/FASB podcast summary, click here.