The Financial Accounting Standards Board (FASB) will join the Accounting Standards Advisory Forum (ASAF), the new advisory group for the International Accounting Standards Board (IASB), the Financial Accounting Foundation (FAF) has announced.
The ASAF was established earlier this year by the International Financial Reporting Standards Foundation to improve cooperation among worldwide standard setters and advise the IASB as it develops International Financial Reporting Standards (IFRS).
“The FASB’s membership on the Accounting Standards Advisory Forum is an opportunity to represent US interests in the IASB’s standard-setting process and to continue the process of improving and converging US Generally Accepted Accounting Principles [GAAP] and IFRS,” said Jeffrey Diermeier, chairman of the FAF Board of Trustees.
“The convergence effort, which began with the Norwalk Agreement of 2002, has been a major success and has delivered significant benefits to investors and other users of financial statements around the world,” he added.
The FASB was nominated for membership on the ASAF by the FAF Board of Trustees, which oversees both the FASB and its sister standard-setting board, the Governmental Accounting Standards Board (GASB). The IFRS Foundation, which oversees the IASB, said that it has selected the FASB to join the ASAF.
“The FAF Trustees believe that the commitments made by both the IFRS Foundation and the FAF in connection with FASB’s membership on the ASAF are consistent with the Trustees’ view of the long-term process of converging accounting standards,” Diermeier added.
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