U.S. and international accounting rule makers said on Wednesday they are developing a "modified strategy" to come up with a single set of global accounting rules.
The chairmen of the U.S. Financial Accounting Standards Board and London-based International Accounting Standards Board sent a letter on Wednesday to the G20 group of industrialized and emerging countries, which set a June 30, 2011, target for the boards to align major areas of accounting.
In the letter, FASB Chairman Robert Herz and IASB Chairman Sir David Tweedie said they will keep a June 2011 target date for many projects where converged accounting rules are "urgently required," but said a few projects will extend into the second half of 2011.
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