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Article: Cooperation between FASB and IASB to achieve convergence of accounting standards.(the Financial Accounting Standards Board, the International Accounting Standards Board)
- Article from:
- Review of Business
- Article date:
- March 22, 2003
- Author:
CopyrightCOPYRIGHT 2003 St. John's University, College of Business Administration. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The International Accounting Standards Board has a mandate to produce a single set of high quality, understandable, and enforceable global accounting standards and to encourage convergence on these standards. To achieve its goals, the Board works closely with national standard setters around the world. The Financial Accounting Standards Board in the US. is one of its most important partners.
Introduction
Recently, increasing pressure from the international financial markets has led to major restructuring of the International Accounting Standards Committee (IASC), an organization that has been setting International Accounting Standards (IAS) for nearly 30 ...