IASB Aims For Convergence.

The newly appointed members of the International Accounting Standards Board met recently in London for a technical session, the first since assuming their positions. Then, the IASB met with the chairs of eight leading national standard-setting boards, from Australia, Canada, France, Germany, Japan, New Zealand, the United States and the United Kingdom.

IASB's main goal is to achieve a single set of internally consistent, high-quality global accounting standards. Board Chairman Sir David Tweedie noted that the goal cannot be achieved without the active cooperation of national standard-setters. He views IASB's role as "the crucible in which ideas from different parts of the world are put to the test and the best idea selected."

The IASB and the national standard-setters each have significant roles in the process. Among these, national standard-setters would be expected to deal with national issues that do not affect others; align agendas with partner standard-setters to promote convergence; consider fully LASB views in their own debates on the same issues; and monitor and provide feedback on the operation of global standards.

Among its responsibilities, LASB would be expected to develop or keep under review International Accounting Standards on all major financial reporting issues; lead on certain issues on its agenda and devote resources to them; and consider fully the views of the national standard-setters in its own internal debates.