IASB-FASB convergence talks endorsed by Monitoring Board

Renewed convergence talks between US and international accounting rule makers
were given a boost today after a key oversight board added its voice of support.

The International Accounting Standards Board and US Financial Accounting
Standards Board are now meeting monthly to converge their two accounting
approaches, with a view to reach full harmonisation between the two financial
languages by June 2011.

Today, a key oversight board, known as the Monitoring Board, said in a
statement that it was “pleased” by the approach of both boards.

“The Monitoring Board is pleased by the responsive approach of the IASB and
the FASB to address concerns regarding the potential for the IASB and the FASB
to reach different conclusion on the major projects,” the board said.

The Monitoring Board counts Mary Schapiro, chairman of the US Securities and
Exchanges Commission and Takafumi Sato, commissioner of the Japan Financial
Services Authority as two of its members.

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