Fasb moves to work with national standard-setters Financial Accounting Standards Board Chairman Russell Golden explained how FASB will be working with both the International Accounting Standards Board and other national standard-setters, including China's and Germany's, as the board moves past the convergence process. In a FASB Outlook newsletter, Golden described his view of how FASB will balance GAAP with International Financial Reporting Standards, which FASB and the IASB have been converging since 2002. "We at the FASB" continue to believe that global accounting standards should be as comparable as possible - and we remain fully committed to the long-term, aspirational goal of developing global accounting standards that have the fewest possible differences," he wrote. FASB plans to continue its existing collaborations with other national accounting standard-setters in the United Kingdom, Germany, Canada and Japan, as well as with the IASB. FASB is already part of the Accounting Standards Advisory Forum, and is also building new relationships with standard-setters in Australia, China, France, Italy and Korea.
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