The Financial Accounting Standards Board, America's maker of accounting rules, reached out to China last week in an effort to nudge it closer to the fold of countries converging toward an international accounting standard.
In a memorandum of understanding signed by FASB chairman Robert Herz and his Chinese counterpart Liu Yuting, the two agreed to work together to better understand the technical differences between their accounting standards. Moreover, FASB and the China Accounting Standards Committee will have an exchange program, of sorts, where Chinese officials will come to FASB's Connecticut headquarters to study U.S. generally accepted accounting principles and America's efforts toward converging with international financial reporting standards (IFRS). FASB officials will also travel to China to learn how accounting rules are being used there.
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