Financial Accounting Standards Board and China Accounting Standards Committee Sign Memorandum of Understanding

The Financial Accounting Standards Board (FASB) and the China Accounting Standards Committee (CASC) have issued a Memorandum of Understanding (MOU) articulating their commitment to strengthen cooperation and communication between the two standards-setting organisations. FASB Chairman Robert Herz and Liu Yuting, member of the CASC and Director-General of the Accounting Regulatory Department of the Ministry of Finance, signed the MOU at a meeting on 18 April held at the FASB headquarters in Norwalk, Connecticut. Attended by members and staff representing both the FASB and the CASC, the meeting was intended to facilitate dialogue between the US and China on how the countries can work together on issues pertaining to international convergence of accounting standards. “The MOU signed by FASB and CASC represents our shared interest in moving to a common set of high-quality, global accounting standards, a goal that will ultimately facilitate economic relations between the US and China,” stated Chairman Herz. “We look forward to continuing our dialogue with CASC, and to work with our counterparts in China to make international convergence of accounting standards a reality.”

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