Quarterly Progress Report – 31 March 2010
In November 2009, we, the International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB), released a joint statement in which they:
- Reaffirmed their commitment to improving International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP) and achieving their convergence.
- Agreed to intensify their efforts to complete the major joint projects described in the 2006 Memorandum of Understanding (MoU), as updated in 2008.
- Described their plans for completing those major projects, including milestone targets for each project.
- Committed to providing transparency and accountability regarding those milestones by reporting quarterly on their progress and making those reports available on our websites.
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