International Accounting Standards Board (IASB) chairman, Hans Hoogervorst, famously dismissed the convergence process, telling the Financial Stability Board (FSB) that it was like trying to draft Basel III with two separate committees representing different parts of the world. However, aside from working with the US Financial Accounting Standards Board (FASB), the IASB has a similar problem closer to home, which is its relationship with the IFRS Interpretations Committee (formerly IFRIC). There are frequently differences of opinion between the two with projects being batted back and forth a number of times.