The International Accounting Standards Board and the US Financial Accounting Standards Board have published an update of their 2006 Memorandum of Understanding. The boards are issuing this update to report on the progress they have made since that year and to set the goal of completing their joint major projects by 2011. The boards have again affirmed their commitment to developing a common set of high quality standards. The 2006 MoU declared three principles: - Convergence of accounting standards can best be achieved through the development of high quality common standards over time. - Trying to eliminate differences between two standards that are in need of significant improvement is not the best use of the FASB's and the IASB's resources - instead a new common standard should be developed. - Serving the needs of investors means that the boards should seek convergence by replacing standards in need of improvement with jointly developed new standards. IASB chairman Sir David Tweedie said: 'A number of jurisdictions, including Canada, India, Japan and Korea have announced plans to adopt of converge with IFRSs from 2011. completing the MoU beforehand will avoid the need for those jurisdictions to make major changes shortly afterwards as MoU projects are completed.' FASB chairman Robert Herz said: 'In updating the 2006 MoU, the FASB and the IASB have set a goal of completing a number of major projects over the next few years. I believe that delivering on that goal will bring significant improvement to both US GAAP and IFRS in areas that are important to investors.'