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.

Tweedie noted that the IASB and FASB have been meeting on a monthly basis since November to hash out differences in a range of areas, and will be issuing quarterly reports on their progress.

He added that a "second major wave of IFRS adoption" had begun this year. However, he promised a period of stability following the convergence efforts with the U.S. "We do not want IFRS to be a constantly moving target," he said. "By completing convergence in 2011, the IASB will provide a period of stability of accounting standards."

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