In a joint Statement issued in November 2009 we, the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB), reaffirmed our commitment to improving International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (US GAAP) and achieving their convergence, set forth our plans for completing
the major projects in our Memorandum of Understanding issued in 2006 and updated in 2008 (MoU), and committed to providing transparency and accountability by reporting periodically on our progress. This is our third progress report and it reflects the status of our work plan as of the date of this report.
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