IASB and IFAC agree to collaborate on public and private accounting standards
22 Nov 2011
The IASB and the International Federation of Accountants (IFAC) have issued a Memorandum of Understanding (MoU), agreeing to co-operate in developing private and public sector accounting standards.
This MoU was developed to ensure greater consistency in the boards' standard-setting activities. In the MoU, the boards lay out a 'communication and co-operation process' which provides information on meetings, projects, crises, programs, soliciting feedback and more.
Click for IASB press release (link to IASB website).