The Journal of Accountancy reported that FASB and the IASB are struggling to find common ground in their efforts to create a converged standard for financial reporting on leases.

The Journal said at a meeting this week, the two boards came to different conclusions in preliminary votes on financial reporting guidance for lessees and lessors.

The boards will meet again in an effort to resolve their differences and move forward together with the difficult project, which was first placed on their agendas in 2006, the Journal noted.

To read the entire Journal of Accountancy report, click here.