A joint Memorandum of Understanding between the International Accounting Standards Board (IASB)and US Financial Accounting Standards Board (FASB),published in 2006:
A) agreed to maintain the status quo, and retain international and US accounting standards in the form that they currently exist.
B) identified a number of options to ensure complete consistency between international and US accounting standards by 2010.
C) identified an intention to implement actions to identify and remove major accounting differences in specific areas by 2008.
D) identified an agreement that international standards will be changed to accord with US standards, wherever there were key differences, by 2008.
E) identified a goal that all international and US accounting standards be totally harmonised by 2008.

Question

Quizplus · Accepted Answer

The joint Memorandum of Understanding between the IASB and FASB in 2006 identified an intention to implement actions to identify and remove major accounting differences in specific areas by 2008. This means that the two standard-setting bodies aimed to address key differences in accounting standards between the US and international standards and work towards greater consistency in those areas. However, there was no commitment to harmonize all standards by a specific date.

A Joint Memorandum of Understanding Between the International Accounting Standards