International and U.S. accounting rulemakers have updated their agreement to shore up differences in their accounting rule books to help facilitate the U.S. adoption of international rules.

The International Accounting Standards Board and the U.S. Financial Accounting Standards Board published an update to the 2006 Memorandum of Understanding to review progress they’ve made and to pledge their continued efforts to converge U.S. Generally Accepted Accounting Principles with International Financial Reporting Standards.

They listed nearly a dozen topics that will get priority attention in the coming few years with a goal of completing them by 2011. That would satisfy one of the Securities and Exchange Commission’s criteria for beginning to shift U.S. companies to reporting under IFRS.

Priorities for final standard setting include financial instruments, financial statement presentation, leases, distinguishing between liabilities and equity, revenue recognition, consolidation and derecognition, fair-value measurement, and post-employment benefits.

The boards acknowledged there are several projects that could hit the rule books in 2010 and 2011 if its goals are achieve. They promised to try to stagger effective dates as much as possible to facilitate transition.

In a written statement, FASB Chairman Bob Herz said the goal of completing a number of major projects in a few years time will result in “significant improvement to both U.S. GAAP and IFRS in areas that are important to investors.”

While FASB is focused on the 2011 timeline as a result of SEC’s objectives, the IASB also noted sensitivity to the transition process for countries such as Canada, India, Japan, and Korea that plan to move to IFRS in 2011. “Completing the MoU beforehand will avoid the need for those jurisdictions to make major changes shortly afterwards as MoU projects are completed,” he said.