At the signpost up ahead: common accounting standards by 2008.
The Financial Accounting Standards Board and the International Accounting Standards Board jointly published a roadmap for developing common accounting standards by 2008.
The FASB and the IASB stated that their memorandum of understanding, which elaborates on their so-called Norwalk Agreement of October 2002, does not represent a change in their convergence program. They stressed, however, that the memorandum adds context to removal of the reconciliation requirement for non-U.S. companies that use international financial reporting standards and are registered in the United States.
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