International Accounting Standards Bodies to Cooperate on Convergence

Date: 27 January 2012

Source: IASB

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have announced an agreement to work together to reduce differences in the ways they measure and classify financial instruments. The Boards said they would work together before deciding whether to issue amendments to IFRS 9 and US GAAP, especially in relation to insurance contracts.

• Link to the announcement