IASB and FASB reaffirm commitment to convergence

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06 Nov 2009

The IASB and the US Financial Accounting Standards Board (FASB) have issued a joint statement reaffirming their commitment to improve IFRSs and US GAAP and to bring about their convergence.

The Boards also express their agreement to intensify their efforts to complete the major joint projects described in their 2006 Memorandum of Understanding (MoU), as updated in 2008. In the interest of timely and continued progress, the two Boards also committed to monthly joint meetings and to provide transparency and accountability by providing quarterly updates on their progress on convergence projects. The oversight foundations of both Boards also issued a statement supporting the two Boards in their convergence efforts, as did the IASCF Monitoring Board. Click for:


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