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The AAO Weblog covers accounting issues and current events as they relate the practice of investment analysis. All posts prior to September, 2007 are in the public domain, but after September 4, 2007, only subscribers to The Analyst's Accounting Observer will see all posts going forward. Only selected, occasional posts will be released to the public domain from September 4 forward.

The Roadmap Gets Clearer
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Posted by: Jack Ciesielski 3/1/2006 5:00 AM
A while ago, I mentioned the strengthening of the US/IASB commitment to the convergence of accounting standards. At that time, then-chief accountant Don Nicolaisen (now a director of Verizon and soon to be one at Morgan Stanley) laid out a "roadmap to convergence) that had things pretty much settled, in broad terms, by 2009.

On Monday, the FASB and the IASB made the convergence roadmap a little clearer by issuing a memo of understanding that outlines more specific steps that each standard-setter must take to get to the promisted land. (Be sure to check pages two and three - those are the guts of the understanding.)

It's a little early to pop the champagne corks, but it's welcome to see progress on the convergence front.
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