The FAF is the parent organization of the Financial
Accounting Standards Board (FASB) and the Governmental
Accounting Standards Board (GASB).
The International
Accounting Standards Board (IASB) in November proposed establishing an Accounting Standards Advisory Forum to provide input on international standards.
Those recommendations would require approval from the Financial
Accounting Standards Board (FASB).
Among them, the leaders of the Financial
Accounting Standards Board and the International
Accounting Standards Board said they will begin meeting monthly to accelerate their efforts to develop a common set of accounting standards by their target date of 2011.
Member states stood up to representatives of the International
Accounting Standards Board at an Ecofin meeting, on 9 June, saying the board needed to speed up its response to the financial crisis.
In April 200l, the International
Accounting Standards Board (IASB), an independent accounting standard-setter based in London, assumed accounting standard-setting responsibilities from its predecessor body, the International Accounting Standards Committee.
The Financial
Accounting Standards Board has issued an invitation to comment to help it decide whether there is a need for a project on accounting for insurance contracts and whether it should undertake this project jointly with the International
Accounting Standards Board.
Financial
Accounting Standards Board (FASB) Chairman Robert Herz is particularly interested in moving this forward.
The Financial
Accounting Standards Board is increasingly in the driver's seat in managing GAAP, whose 100,000 pages of guidelines issued over the past 60 or 70 years are maddeningly complex.
Donaldson reaffirmed his support for the convergence programme between the International
Accounting Standards Board (IASB) and the Financial
Accounting Standards Board (FASB).