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IASB and FASB issued a joint statement and agreed to intensify their major joint projects as laid down in their MoU. The Boards also reaffirmed their commitment to bring about the convergence of their accounting standards. They agreed on monthly joint meetings and to provide transparency and accountability by providing quarterly updates on their progress on convergence projects.
The statement describes their plans and timelines for completing the major MoU projects in 2011. It also describes the values and principles underpinning the Boards’ collaboration and significant successes achieved thus far.
“The two boards are committed to improving financial reporting internationally by completing the convergence programme”, Sir David Tweedie, chairman of the IASB, said.
“We will continue our dual objectives of working toward global convergence while addressing reporting issues of critical importance to