International Accounting Standards Board Chairman Sir David Tweedie told a group of European finance officials that the IASB and the U.S. Financial Accounting Standards Board are on track to converge their standards by June 2011, after which there will be a period of stability in accounting standards.

In an address during a meeting of the Economic and Financial Affairs Council of the European Union, or ECOFIN, Tweedie reported on the IASB’s progress on convergence and how the IASB is addressing European concerns on financial instruments accounting. Tweedie noted that the IASB and FASB have been meeting on a monthly basis since November to meet the goal expressed by G-20 leaders that they produce a single globally accepted set of accounting standards by June 2011.

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