The International Accounting Standards Board and the Financial Accounting Standards Board have updated their 2006 memorandum of understanding and set a goal of completing their major joint projects on convergence of International Financial Reporting Standards with U.S. generally accepted accounting principles by 2011.
The convergence work is being sped up in part because of the Securities and Exchange Commission's proposed roadmap for moving U.S. companies' financial statement reporting from GAAP to IFRS starting in 2014. The state of convergence between the two sets of standards will be one of the milestones that the SEC will take into account at a meeting in 2011 before finalizing the roadmap.
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