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FASB, IASB Update MoU to Convergence

Tammy Whitehouse | September 11, 2008

International and U.S. accounting rulemakers have updated their agreement to shore up differences in their accounting rule books to help facilitate the U.S. adoption of international rules.

The International Accounting Standards Board and the U.S. Financial Accounting Standards Board published an update to the 2006 Memorandum of Understanding to review progress they’ve made and to pledge their continued efforts to converge U.S. Generally Accepted Accounting Principles with International Financial Reporting Standards.

They listed nearly a dozen topics that will get priority attention in the coming few years with a goal of completing them by 2011. That would satisfy one of the Securities and Exchange Commission’s criteria for beginning to shift U.S. companies to reporting under IFRS.

Priorities for final standard setting include financial instruments, financial statement presentation, leases, distinguishing...

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