The US and international accounting rule makers will redouble their efforts to converge their two sets of rules, now meeting monthly to make their June 2011 deadline, WebCPA reports.

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board are working feverishly to harmonise their two accounting languages, with a view to form truly global accounting rules, if the US adopts the rules.

Speaking to an audience of accountants in New York, IASB chairman Sir David Tweedie was confident he could meet the 2011 deadline, reaffirmed at the recent G20 meeting.

“We’re going to work on these issues together every month…That’s why we think we’ll make our June 2011 target date,” he said.

The pair have significant hurdles to jump. They each are proposing different fair value standards – measurement rules which force companies to value assets at their market value. The rule was blamed for exaggerating the effects of the financial crisis as assets, especially financial instruments, lost close to all their value in stagnant markets.

FASB is proposing a model which values all assets at fair value. The IASB is proposing a mixed measurement model which will see banks’ loan books valued at amortised cost.

The two standard setters are keeping their draft converged standards under lock and key to avoid sending mixed messages.

“If we have different words, people will start interpreting them differently,” Tweedie said.

Read the full story:IASB and FASB to Meet Monthly on Standards Overhaul