SEC Chairman comments on IASB-FASB convergence
10 Nov 2009
In our News Story of 6 November 2009 we reported that the IASB and the US Financial Accounting Standards Board (FASB) issued a joint statement reaffirming their commitment to improve IFRSs and US GAAP and to bring about their convergence.
The Boards also expressed their agreement to intensify their efforts to complete the major joint projects described in their 2006 Memorandum of Understanding (MoU), as updated in 2008. US SEC Chairman Mary L Schapiro has made the following Statement (PDF 27k) supporting the renewed convergence commitment:
I am greatly encouraged by the commitment of the IASB and the FASB to provide greater transparency to the standard setting process and their convergence efforts. I believe that these efforts will result in improved financial information provided to investors.
