IASB-FASB significant convergence milestone

The US Financial Accounting Standards Board (FASB) has issued Statements No. 141 (revised 2007), Business Combinations, and No. 160, Noncontrolling Interests in Consolidated Financial Statements. The new standards complete the first major joint project with the International Accounting Standards Board (IASB) and represent a significant convergence milestone. The IASB plans to issue its counterpart standards IFRS 3 (revised), Business Combinations, and IAS 27 (as revised in 2007), Consolidated and Separate Financial Statements, early in 2008. These standards are the first in a series of converged standards issued jointly for the global community. (Read the FASB News Release.)