Date recorded:

IASB met with the chairs or other representatives of eight leading national standard-setting boards: Australia, Canada, France, Germany, Japan, New Zealand, United States and United Kingdom. Support for the IASB and for convergence emerged from the discussions. An approach to achieving convergence was considered:

  • IASB and the national standard-setters would agree on convergence projects and, to the extent possible, each would place them on their agendas.
  • One national standard setter would be the leader on a project, one or more others would agree to provide project support resources, and one or more others would agree to be consultants.
  • Flexibility would be needed to accommodate the varied due processes of the national standard setters.

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