By Huw Jones
LONDON, March 16 (Reuters) – The world’s top accounting bodies are on track to thrash out a common set of rules by the middle of next year, the International Accounting Standards Board said on Tuesday.
The G20 group of countries set the ambitious deadline last year to make it simpler for cross-border companies and investors but differences over how to value some complex assets have raised concerns about the timetable.
Last month the U.S. Securities and Exchange Commission said it would commit to a new work plan that would delay any move to international standards until at least 2015.
The IASB, whose rules are used by listed companies in over 115 countries, including the European Union but not the United States, said it has stepped up meetings with its U.S. peer, the Financial Accounting Standards Board.
“In our soon to be published report, the Boards will state that despite the challenging technical issues to resolve, we remain on schedule to achieve the June 2011 target,” IASB Chairman David Tweedie told EU finance ministers in a statement made available to the media.