The International Accounting Standards Board (IASB) and FASB published an update to their 2006 memorandum of understanding (MOU). The update reports the progress they have made since 2006 and sets the goal of completing their major joint projects by 2011.
“This update outlines a plan and projected timeline for completing the remaining joint major projects included in the MOU,” said IASB Chairman Sir David Tweedie, in a joint news release.
“We will continue our dual objectives of working toward global convergence while addressing reporting issues of critical importance to U.S. investors and financial markets,” said FASB Chairman Robert Herz, in the same news release.
Get a copy of the new timetable here.