Wednesday, November 11, 2009

IASB - IASC Foundation and FAF Trustees welcome IASB and FASB commitment to convergence

The Trustees of the IASC Foundation and the US Financial Accounting Foundation, oversight bodies of the IASB and the FASB respectively, welcomed a joint statement by the two boards reaffirming their commitment to complete their convergence work described by the MoU by June 2011. The IASC Foundation and the FAF note the broad support for convergence to a single set of globally accepted high quality accounting standards expressed by the G20 Leaders, the Financial Crisis Advisory Group (FCAG), and other stakeholders. To this end, both Trustee groups continue to support unequivocally the joint work of the IASB and the FASB aimed at achieving the objectives and convergence milestones outlined in the February 2006 Memorandum of Understanding, as updated in September 2008. (Read the IASB Press Release and the Joint Statement of the International Accounting Standards Committee Foundation and the Financial Accounting Foundation.)