IFRS convergence on track in US

The plan to accelerate convergence between international and US accounting rules remains on track, according to the International Accounting Standards Board (IASB).

The IASB and the US Financial Accounting Standards Board (FASB) have agreed to complete 11 major joint projects by 2011 to improve and converge major areas of accounting such as revenue recognition and pension accounting.

In recent months the two bodies have mainly focused on mark-to-market accounting issues, but the project remains on track for a timely completion said IASB's Tom Jones.

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