NORWALK, Conn.–(Business Wire)–
The International Accounting Standards Board (IASB) and the US Financial
Accounting Standards Board (FASB) today published a report on their work to
improve and achieve convergence of International Financial Reporting Standards
and US generally accepted accounting principles.
In November 2009 the two boards, with the support of their respective Trustee
bodies and the IASC Foundation Monitoring Board of public capital market
authorities (a body that also includes the US public authority), demonstrated
their shared commitment to convergence by establishing a comprehensive work plan
to complete their joint programme by the June 2011 target. To accomplish that
objective, the boards have accelerated and intensified their joint work and,
instead of meeting jointly every four months, have held ten joint meetings
totalling more than 100 hours of discussions since the agreement.
The next progress report is expected to be published in July 2010.
Notes for editors
About the IASB
The IASB was established in 2001 and is the standard-setting body of the
International Accounting Standards Committee (IASC) Foundation, an independent,
private sector, not-for-profit organisation. The IASB is committed to
developing, in the public interest, a single set of high quality, global
accounting standards that provide high quality, transparent and comparable
information in general purpose financial statements. In pursuit of this
objective the IASB conducts extensive public consultations and seeks the
co-operation of international and national bodies around the world. The IASB has
15 full-time members drawn from ten countries and a variety of professional
backgrounds. By 2012 the IASB will be expanded to 16 members. Members are
appointed by and accountable to the Trustees of the IASC Foundation, who are
required to select the best available combination of technical expertise and
diversity of international business and market experience. In their work the
Trustees are accountable to a Monitoring Board of public authorities.
About the Financial Accounting Standards Board
Since 1973, the US Financial Accounting Standards Board has been the designated
organization in the private sector for establishing standards of financial
accounting and reporting. Those standards govern the preparation of financial
reports and are officially recognized as authoritative by the Securities and
Exchange Commission and the American Institute of Certified Public Accountants.
Such standards are essential to the efficient functioning of the economy because
investors, creditors, auditors and others rely on credible, transparent and
comparable financial information. For more information about the FASB, visit its
Website at www.fasb.org.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6249331〈=en
IASB
Mark Byatt, +44 (0)20 7246 6472
Director of Corporate Communications
mbyatt@iasb.org
or
US FASB
Neal McGarity, +1 203-956-5347
Director of Communications
nemcgarity@f-a-f.org
Copyright Business Wire 2010