On September 11, 2008, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) published an update to their 2006 Memorandum of Understanding (MOU) highlighting their progress on major convergence projects thus far. With the exception of intangibles (which is inactive) and financial instruments, all other major convergence projects are on track to be completed by 2011. Some projects, such as business combinations and fair value measurements, are already completed and their standards published. Both Boards again have reemphasized their commitment “to the development of high quality, compatible accounting standards that could be used for both domestic and cross-border financial reporting.”
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