The creation of global accounting standards looked a little closer today after the US-based Financial Accounting Standards Board and the International Accounting Standards Board agreed to co-operate on convergence.
Link: UK principles the answer to global standards?
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.
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