FASB-IASB Trustees Continue to Push Collaborative Efforts

The parent organizations of the Financial Accounting Standards Board and the International Accounting Standards Board have kept up efforts to have both boards continue standard-setting work together.

Both the Financial Accounting Foundation and the IFRS Foundation Trustees agree “that it is important to maintain convergence of the converged standards,” said FAF president and CEO Terri Polley.

Polley made the comments in Norwalk at the Oct. 6 liaison meeting of FASB and the Institute of Management Accountants.

Joint work Important.

The Trustee organizations agree that it is important to “continue to have the boards work together towards common outcomes as much as they can on future standards--so we expect to continue dialogue with them,” she said.

Shortly after the FAF appointed retired Bank of America chairman Charles Noski its new chairman, he was introduced in London to IFRS Foundation chair Michel Prada, said Polley.

FAF continues to speak with IFRS Foundation about the continuing working relationship between the FASB and the IASB, she said.