After some high-profile priority shuffling over the past several weeks, U.S. and international accounting rule makers have published a new progress report affirming their commitment to complete a handful of core changes by mid 2011.

The Financial Accounting Standards Board and the International Accounting Standards Board said they are still on target to finish writing new accounting standards for financial instruments, revenue recognition, leases, comprehensive income, and fair value measurement by June 2011 or earlier. The IASB is also on target to align its disclosure requirements for derecognized assets and other off-balance-sheet risks with U.S. rules and to finish its updates for consolidations and insurance contracts by the same date.

The two boards acknowledge that the focused effort on getting those projects done by June 2011 pushes other joint projects to the back burner. Those projects include an effort to reorganize the entire presentation of financial statements, a new standard for financial instruments that have characteristics of equity, and new rules for emission trading schemes and the consolidation of investment companies. The boards also are putting off further work on their conceptual framework.

FASB also has set aside some projects it was pursuing specifically to develop changes in U.S. Generally Accepted Accounting Principles. That includes a controversial movement to draw out new disclosures around contingent losses, or issues where companies may face a loss in the future. Although the boards did not mention it in their joint report, FASB also recently put the skids on a project to require companies involved in multiemployer pension plans to disclose more about their obligations to those plans.

Even after adjusting the priorities and reassigning staff accordingly, the two boards say it will take a focused and intense effort to get the job done by the stated deadline. They say they are committed to the full measure of due process to achieve quality, not just quick, changes to accounting standards. “We are committed to conducting additional outreach during the redeliberations period, as necessary, to ensure the quality and effective implementation of the final standards,” the boards wrote.