NEW YORK- The International Accounting Standards Board (IASB) and The Financial Accounting Standards Board (FASB) issued on September 11, 2008 an update to 2006 Memorandum of Understanding (MoU) to affirm developing a set of high quality standards.
To view the MoU please visit the following website:
http://www.iasb.org/NR/rdonlyres/874B63FB-56DB-4B78-B7AF-49BBA18C98D9/0/MoU.pdf
FASB has been the designated organization in the private sector in the US for establishing standards of financial accounting and reporting.
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