The long-running effort to reconcile U.S. and international accounting standards is proceeding on schedule, the two bodies involved in the effort say. In a joint letter to the G20, the heads of the Norwalk, Conn.-based Financial Accounting Standards Board (FASB) and the London-based International Accounting Standards Board (IASB) said they are modifying their efforts to reconcile International Financial Reporting Standards (IFRS) with the generally accepted accounting principles (GAAP) used in the United States.
Despite the shift in approach, FASB Chairman Robert Herz and IASB Chairman David Tweedie expressed confidence they could meet the June 2011 target date set forth in the Memorandum of Understanding (MoU) signed in 2008. Moreover, Herz and Tweedie said their staffs were accelerating their pace in order to meet the deadline.
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