IASB, FASB to complete major joint projects by 2011; reaffirm commitment to global accounting standards.

The International Accounting Standards Board and the Financial Accounting Standards Board on Sept. 11 published an update to their 2006 Memorandum of Understanding. The boards issued the update to report the progress they have made since 2006 and to set the goal of completing their major joint projects by 2011.

In giving a report on the progress of projects laid out in the Moll, the boards have again affirmed their commitment to developing a common set of high-quality global accounting standards. They also said they are aware that continued progress toward convergence is a...

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