FASB, IASB recommit to IFRS MoU.

• Position: Financial Accounting Standards Board - International Accounting Standards Board - International Financial Reporting Standards - Memorandum of Understanding - Brief article

At a joint meeting in Norwalk, Conn., at the end of October, the Financial Accounting Standards Board and International Accounting Standards Board reaffirmed their commitment to improve International Financial Reporting Standards (IFRS) and United States generally accepted accounting principles, and to bring about their convergence. The boards also agreed to intensify their efforts to complete the major joint projects described in their 2006 Memorandum of Understanding (MoU), as updated in 2008.

In affirming their commitment to developing a common set of high-quality standards, the...