IASB and FASB quarterly report shows continued progress towards convergence goal
14 April 2010
The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published a report on their work to improve and achieve convergence of International Financial Reporting Standards and US generally accepted accounting principles.
In November 2009 the two boards, with the support of their respective Trustee bodies and the IASC Foundation Monitoring Board of public capital market authorities (a body that also includes the US public authority), demonstrated their shared commitment to convergence by establishing a comprehensive work plan to complete their joint programme by the June 2011 target. To accomplish that objective, the boards have accelerated and intensified their joint work and, instead of meeting jointly every four months, have held ten joint meetings totalling more than 100 hours of discussions since the agreement.
The next progress report is expected to be published in July 2010.
Press enquiries
- Mark Byatt, Director of Corporate Communications, IASB
Telephone: +44 (0)20 7246 6472, email: mbyatt@iasb.org
- Neal McGarity, Director of Communications, US FASB
Telephone: +1 203 956-5347, email: nemcgarity@f-a-f.org
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