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IASB and IFAC agree to collaborate on public and private accounting standards

Nov 22, 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).