Global accounting standards forum meets for first time

The Accounting Standards Advisory Forum, the technical advisory body to the International Accounting Standards Board, began its first meeting by signing a joint memorandum of understanding with IASB to define the mission and scope of the forum. The memorandum language allows ASAF members to support the work of IASB on International Financial Reporting Standards issues without committing to support the standards themselves. Members include the U.S. Financial Accounting Standards Board and the U.K.'s Financial Reporting Council, in addition to other national and regional accounting standards bodies.

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