IASB and FASB update memorandum

News Article - 12 September 2008
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The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have published a new, updated version of their 2006 Memorandum of Understanding (MoU).

Both bodies have confirmed they are committed to producing a common set of quality standards and issued the update to report on the progress they have made since 2006, as well as to declare their intention to achieve convergence by 2011.

According to David Tweedie, IASB chairman, various other countries have also set 2011 as a date for convergence.

"A number of jurisdictions, including Canada, India, Japan and Korea, have announced plans to adopt or converge with IFRS from 2011," he said.

"Completing the MoU beforehand will avoid the need for those jurisdictions to make major changes shortly afterwards as MoU projects are completed."

Some of the major issues which are set for convergence in 2011 include financial statement preparation, revenue recognition and leases.

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