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.