The International Accounting Standards Board (IASB) and its U.S. counterpart, the Financial Accounting Standards Board (FASB), plan to meet on a monthly basis in order to achieve the goal of converging accounting standards by June 2011.
The chairmen of the two standards-setting boards told attendees at a joint conference of the American Institute of CPAs and the International Accounting Standards Committee Foundation in New York that they will be redoubling their efforts to reconcile the two sets of accounting standards, in some cases by rewriting them entirely over the next year-and-a-half.