The Financial Accounting Standards Board and the International Accounting Standards Board agreed on a set of proposals to accelerate the 2006 memorandum of understanding on convergence between International Financial Reporting Standards and U.S. generally accepted accounting principles.

The two standards boards agreed this week to accelerate their work on issues such as revenue recognition, fair value measurement and consolidation, according to BNA's Daily Tax Report.

FASB and IASB also plan to work on short-term convergence projects involving joint ventures and income taxes, as well as developing a measurement of earnings per share. The two boards are working to overcome disagreements over the treatment of liabilities and equity.

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