Reuters reported that FASB and IASB found little common ground during their meeting in London on Tuesday (7/23/13) despite calls from governments for faster progress.

The article said that last weekend the G20 asked the boards to find a common rule by the end of 2013, a deadline that has shifted several times as the prospect of compromise moved further out of sight.

Reuters quoted Russell Golden, FASB’s new chairman, as saying, “Everyone wants convergence but nobody is telling us how to do it.”

The boards are scheduled to hold joint public meetings in September and October.

To read the full Reuters article click here.

Previously on monitordaily: FASB, IASB to Hold Joint Meetings on Revised Leases Proposals, July 3, 2013