IASB and FASB update their 'Memorandum of Understanding'
11 Sep 2008
The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have published an update of their 2006 Memorandum of Understanding (MoU).
The update:
- reports on the progress they have made since 2006, and
- sets goals for completing their major joint projects by 2011.
- Consolidations
- Derecognition
- Fair Value Measurements
- Financial Statement Presentation
- Income taxes
- Leases
- Liabilities and Equity Distinction
- Post-employment Benefits, Including Pensions
- Revenue Recognition