The International Accounting Standards Board and the Financial Accounting Standards Board have been working to achieve convergence of financial reporting standards for publicly traded companies. The boards had set a June 30 target for completing the majority of convergence but recently warned that they need more time. The boards published a progress report this week that extends the timetable for priority projects. Most projects should be completed in the second half of this year, although the U.S. insurance standard will take longer.

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