Talks to harmonise standards receive boost from influential international oversight body
Renewed convergence talks between US and international accounting rule makers were given a boost today after a key oversight board added its voice of support.
The International Accounting Standards Board and US Financial Accounting Standards Board are now meeting monthly to converge their two accounting approaches, with a view to reach full harmonisation between the two financial languages by June 2011.
Today, a key oversight board, known as the Monitoring Board, said in a statement that it was “pleased” by the approach of both boards.
“The Monitoring Board is pleased by the responsive approach of the IASB and the FASB to address concerns regarding the potential for the IASB and the FASB to reach different conclusion on the major projects,” the board said.
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