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.

"I don't think this fair value issue has derailed it at all. We're quite prepared to delay other projects that aren't on the key list to make it", Jones told delegates at the Reuters Global Financial Regulation Summit.

He also said that US companies were keen for the bodies to set a firm date for the switch over to IFRS: "Many of my colleagues in the US are now having to keep two sets of books. They are saving 'we know it's coming, we know it's inevitable, just give us a date'".