IASB and FASB publish details about US GAAP and IFRS

On 11 September 2008, The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) published a new memorandum in which they agree to resolve all differences between US GAAP and IFRS by 2011.

Both organisations currently have difference approaches and standards of financial reporting. This memorandum has been issued as part of the ongoing progress and discussions which could see IFRS being adopted by the Securities and Exchange Commission (SEC).

The memorandum also contains a number of other important announcements and can be read in full on the IASB's website.