Heads Up on updated FASB-IASB MoU

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16 Sep 2008

On 11 September 2008, the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) jointly published an update of their 2006 Memorandum of Understanding (MoU).

The MoU describes the priorities and milestones related to the two boards' completion of major joint projects by 2011. Deloitte & Touche LLP (United States) has published the 16 September 2008 edition of the Heads Up newsletter (PDF 158k) discussing the updated MoU.

An excerpt:

There are two reasons why it is important to complete the projects by 2011. First, a number of countries, such as Canada, India, Japan, and Korea, have announced plans to adopt or converge with IFRSs beginning in 2011. If the projects are completed by 2011, those countries will avoid having to adopt new standards shortly after making the transition to IFRSs. Second, in accordance with its proposed IFRS Roadmap, the SEC will determine in 2011 whether to require mandatory adoption of IFRSs for all US issuers starting in 2014. In doing so, it will evaluate the progress of the various milestones included in that roadmap, one of which is improvements to IFRSs.


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