A Roadmap for Convergence

The push for organizations to use one set of worldwide accounting standards is speeding up. A major breakthrough came early this year when the U.S. Financial Accounting Standards Board (FASB) and the IASB agreed to address major differences by an interim target of 2008. They will concentrate on seven financial reporting areas, making their first priority common standards for business combinations. The result will be a high degree of convergence by the world's two most important standard-setting bodies. To learn more, see the Memorandum of Understanding between the FASB and the IASB, A Roadmap for Convergence between IFRSs and US GAAP - 2006-2008.