Chapter 1 Blog

http://www.fasb.org/news/nr091108.shtml

Summary
The Media Report that I am blogging about is about the IASB and FASB Publishing an Update to the 2006 Memorandum of Understanding. This report shows the progress made since 2006 and how they set goals by 2011 of completing major joint projects. The boards had set common high quality standards that they believe would advance the quality, comparability and steadiness of financial information for investors and capital markets around the world. There are also some jurisdictions like Canada, India, Japan, and Korea that are planning on adopting with International Financial Reporting Standards (IFRS) from 2011. So basically, this update shows a plan and projected time line for finishing the left over joint major projects in the Memorandum of Understanding.

Connections
The connections between the IASB and FASB Publishing an Update to the 2006 Memorandum of Understanding and Chapter 1 are that this allowed the GAAP’s to improve. The book shows that the FASB sets accounting standards for American Corporations and this time, the board set out high quality standards that they believe would advance the quality, comparability and steadiness of financial information for investors and capital markets around the world. The book states that the AcSb announced in January 2006 that the Canadian Standards for publicly trading companies with international standards would be converged by 2010, but in fact, the 2008 update establishes goal of completing them by 2011. So the connections are that they both discuss the facts of Standards, GAAP’s and when they plan on completing them.

Personal Reflection
I believe that this update is excellent because it gives an estimated time of when the major joint projects in the Memorandum of Understanding would be completed. I think that this update shows a lot of upsides for people like investors or even capital markets around the world. I also think it’s great that some jurisdictions like Canada, India, Japan and Korea are planning on adopting with International Financial Reporting Standards because it allows them to complete the remaining projects. I find it awesome that the board set out high quality standards because these standards can advance the quality, comparability and steadiness of financial information for investors and capital markets around the world. I find it really good that a lot of people can contribute from the plans on completing the major joint projects by 2011.

MANDEEP DHAMI
FAC 12
Block A