U.S. and China Agree to Cooperate on Accounting Standards

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U.S. and China Agree to Cooperate on Accounting Standards
May 2, 2008
Staff Report

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The U.S. Financial Accounting Standards Board (FASB) and the China Accounting Standards Committee (CASC) agreed to strengthen cooperation and communication through a memorandum of understanding, signed by the heads of the two regulatory bodies in April.

According to FASB, the meeting was to facilitate dialogue and cooperation on between the countries on the convergence of accounting standards.

The agreement stipulated that FASB and CASC will

Enhance communication and improve understanding in terms of technical issues to facilitate economic interaction

Facilitate the exchange of experience of accounting standard setting, implementation and international convergence of standards

Exchange opinions and staff and build the technical foundation for sharing views on convergence