Both boards issued a memorandum of understanding, citing their commitment to adding a short-term convergence project to their agendas.
The project will bring together proposals for changes to both US and international accounting standards that will produce a mutually agreeable framework for firms across to globe to work within.
The move could re-ignite arguments over rules or principles-based accounting practices, although it is understood that FSAB chairman Robert Herz favours a principles method similar to that used in the UK.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements