The International Accounting Standards Board (IASB) announced on November 9, 2006, that the six biggest international audit networks have issued a report setting out their shared view of the steps that must be taken in order to strengthen financial reporting and the audit function. Moreover, the report urges completion, in the near term, of current convergence processes, notably ‘the effort by the International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB) to harmonize differences between international and U.S. reporting standards, as currently envisioned.
IASB is committed to developing in the public interest a single set of high quality global accounting standards.
For more information please visit the following website: www.iasb.org