FASB strengthens ties with China

BVWireIssue #67-5
April 30, 2008

More evidence that valuation is going global: The Financial Accounting Standards Board (FASB) and the China Accounting Standards Committee (CASC) have just released a Memorandum of Understanding (MOU) articulating their commitment “to strengthen cooperation and communication between the two standards-setting organizations,” says the news release.  FASB Chairman Robert Herz and Liu Yuting, CASC member and Director-General of the Accounting Regulatory Department of the Ministry of Finance, signed the MOU at the April 18th meeting of the FASB in Norwalk, Connecticut.  The MOU focuses on: enhancing communications and technical understanding between the two accounting boards; facilitating the exchange of experience in standard setting and implementation; and sharing views on convergence of international accounting standards.

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