IASB and FASB Reaffirm Commitment to Memorandum of Understanding

At a recent joint meeting, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) reaffirmed their commitment to improve International Financial Reporting Standards (IFRS) and US generally accepted accounting principles and to bring about their convergence. The Boards also agreed to intensify their efforts to complete the major joint projects described in their 2006 Memorandum of Understanding (MoU), as updated in 2008. (Read the IASB Press Release and the Joint statement: FASB and IASB Reaffirm Commitment to Memorandum of Understanding.)