Accounting standard-setters are still working to find common ground on their views on fair value. The controversy arises from disagreement on whether to expand fair value accounting rules to cover a wider range of financial assets, a move the US Financial Accounting Standards Board is lobbying for, or to value assets at amortised cost, which would give information on expected cashflows - a proposal favoured by the International Accounting Standards Board. At a meeting in Connecticut on Monday, Sir David Tweedie, chairman of the IASB, said: 'If FASB and IASB can't agree on mixed model or full fair value model the next best thing is something to move between the two,' Reuters reports. But Bob Herz, Tweedie's US counterpart, said fair value 'gets a lot closer to showing actual financial condition than amortised cost'. The two standard-setters have stepped up the number of meetings held between them in response to recommendations made by the G-20 summit in Pittsburgh in September to move more quickly on convergence towards a single set of global accounting standards. At a conference for IFRS experts held in London earlier this month, Herz said roundtables in London and the US showed 'complete polar opposites' for their inclination for fair value accounting rules, but FASB has now said it plans to release its proposal on fair value early next year.