US and China standards boards sign MOU

Intheblack, Jun 2008

THE FINANCIAL ACCOUNTING STANDARDS Board (FASB) in the US and the China Accounting Standards Committee (CASC) have issued a memorandum of understanding (MOU) professing their commitment to strengthening cooperation and communication. The organisations expressed the following in the MOU: the FASB and the CASC will improve communication and understanding in terms of technical issues to facilitate economic interaction between the two countries; they will facilitate the exchange of experience of accounting standard setting, implementation, and international convergence between the two countries; and will strive to exchange opinions regularly and build the technical foundation for sharing views on convergence of accounting standards.