Efforts to reconcile Generally Accepted Accounting Principles (U.S. GAAP) and International Financial Reporting Standards (IFRS) are on track.

Speaking before the council of the European Union, Sir David Tweedie, chairman of the International Accounting Standards Board, said the effort to converge the standards is bearing fruit. “Both the FASB and the IASB have agreed common principles to help us to achieve a common standard,” Tweedie said. “That is our objective. At the same time, the IASB is conscious of the strongly held view of investors and other stake-holders internationally that a combination of cost-based and fair-value accounting remains appropriate for financial instruments.”

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