Global accounting rulemakers are still on track with a plan to accelerate convergence between international and U.S. accounting rules, a top international accounting standard-setter said on Monday.
The London-based IASB sets accounting rules, known as International Financial Reporting Standards (IFRS), which are used in more than 100 countries.
Accounting rulemakers have been working for years to come up with common accounting standards, but last year decided to accelerate the process as the U.S. Securities and Exchange Commission proposed a road map that would require U.S. companies to use IFRS instead of U.S. Generally Accepted Accounting Principles (GAAP) by 2014.......
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