FASB and the International Accounting Standards Board will begin meeting monthly to try to speed up efforts to develop a common set of accounting standards by the target date of 2011, the heads of both boards said Thursday during a general session at a conference on IFRS held in New York.
“We make the most and best progress when we meet together,” said FASB Chairman Robert Herz. “We are now committed to meet about every month, six times a year face to face and off months by video conference. The end game is to try to bring things together in a converged way on all these major projects, including financial instruments.”
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