On 27 February, the IASB and FASB published a Memorandum of Understanding (MOU) that reaffirms the two Boards' shared objective of developing high quality, common accounting standards for use in the world's capital markets. The MOU is a further elaboration of the objectives and principles first described in the October 2002 Norwalk Agreement signed by the Boards. It reflects the context of the 'roadmap' for removal of the reconciliation requirement for non-US companies that use IFRS and are registered in the United States.

Following the release of the MOU, the IASB has issued a projected project timetable on its website (www.iasb.org), giving the current best estimate of document publication dates.

On 6 April, the IASB issued a Statement of Best Practice 'Working Relationships between the IASB and other Accounting Standard-Setters'. The Statement identifies a range of activities that the IASB and regional and national standard-setters believe they should undertake in the interests of facilitating the adoption of or convergence with IFRS. The Statement also encourages national standardsetters to provide critical analysis of the IASB's proposals and to make the IASB aware of any major conceptual difficulties they have with a project as soon as possible in the project's life.