The IASB draft used the same definition of fair value as in Statement 157 (now called FASB ASC Topic 820 (Topic 820)). The International Accounting Standards Board’s (IASB’s) Framework introduced the “going concern assumption” in 1989 (IASB Framework, Paragraph 23). (Accounting Today) The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) have published an updated Progress report on their convergence efforts.. At our joint meeting in October 2009, we, the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB), reaffirmed our commitment to improving International Financial Reporting Standards (IFRS) and US generally accepted accounting principles (US GAAP) and achieving their convergence. The 14 Board members (12 of whom are full-time) reside in nine countries and have a variety of functional backgrounds. LONDON, United Kingdom, October 29, 2002—The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) have issued a memorandum of understanding marking a significant step toward formalizing their commitment to the convergence of U.S. and international accounting standards. This approach is closer to the current international IAS 39 approach than to the GAAP approach in FIN 39, … Accepted Accounting Principles (U.S. GAAP) and IFRS, the Financial Accounting Standards Board (FASB) and International Accounting Stan-dards Board’s (the IASB) joint creation of a new set of combined stan-dards, and the harmonization of existing standards. The IASB-FASB convergence project would make the work of Securities Exchange Commission more effective in ensuring compliance with accounting standards for listed firms. … In April 2004, FASB and the International Accounting Standards Board (IASB) created a joint project on financial statement presentation. The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are currently working together so as to converge their existing accounting standards into a common set of international accounting standards. Have achieved full convergence with respect to financial instruments. Accounting Standards Update (ASU) No. B) IASB adopting an existing FASB standard. Have agreed to combine their organizations to form the BUSYB. They agreed in principle to make their standards fully compatible with a best efforts approach by both Boards. EXECUTIVE SUMMARY In this opinion piece, former International Accounting Standards Board (IASB) member Paul Pacter describes the accomplishments of the convergence project undertaken in 2002 by the IASB and FASB. The IASB is committed to developing, in the public interest, a single set of high-quality, global accounting standards that require transparent and comparable information in general purpose financial statements. The boards shared experiences and feedback from stakeholders on disclosure requirements for employee benefits and fair value measurement. The FASB and the IASB have been working together toward convergence of accounting standards since 2002, when the Boards announced a Memorandum of Understanding (MOU) to collaborate on the development of common, high-quality standards with the ultimate goal of a single set of high-quality global accounting standards. In 2002, FASB and IASB began work on a joint IFRS and U.S. GAAP convergence project, with the goal of aligning the conceptual frameworks of, and removing differences between, the two sets of standards. After a half-dozen years of planning, meetings, discussions, roundtables, public comment periods, and several proposals, the final joint revenue recognition standard from the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) has finally been issued. 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