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The AAO Weblog covers accounting issues and current events as they relate the practice of investment analysis.

Mar 1

Written 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.