The International Accounting Standards Board (IASB) and accounting standard-setting bodies around the world issued a draft Memorandum of Understanding on the role of world accounting standard-setting bodies and their future relationship with the IASB.
The responsibilities identified in this Memorandum are key areas of responsibility in building and maintaining the relationship between the IASB and other accounting standard-setters in order to achieve these aims for the benefit of constituents.
The Memorandum relates to a general understanding between the IASB and other accounting standard-setters and is particularly relevant to standard-setters in jurisdictions that have adopted or converged with IFRSs, or are in the process of adopting or converging with IFRSs.
It identifies responsibilities that the IASB and other standard-setters should use their best endeavours to fulfil in the interests of facilitating the ongoing adoption of or convergence with IFRSs. It is acknowledged that some accounting standard-setters may find it difficult to meet certain of those responsibilities with the resources at their disposal, but would use their best endeavours to do so.
Comments are to be received by 29 July 2005.
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