Sir David Tweedie, chairman of the international accounting standard-setter, plans to step down from his position at the end of June 2011, sparking a global search by the rule-making body to find his replacement. Retiring from the role on completion of his second term at the International Accounting Standards Board, Tweedie has been instrumental in the ongoing debate towards achieving a single set of global accounting standards, working with US counterpart Bob Herz of the Financial Accounting Standards Board to achieve the board's aim. The two standard-setters are working towards a June 2011 deadline for International Financial Reporting Standards convergence set by the G-20 leaders. Now the trustees of the International Accounting Standards Committee Foundation are looking for a new candidate to lead the board- a decision is expected to be made in the second half of 2010 - and Spencer Stuart, the international chief executive, is staying on to assist with the process. Tweedie, who took over the role in 2001, has been through a turbulent year, as the meltdown of the banking system amid the financial crisis led fingers to be pointed at the role of fair value accounting rules. Political pressure over the rules, which led to them being 'watered down' by the IASB to allow banks to regain value on their balance sheets, almost caused his resignation. Gerrit Zalm, chairman of the trustees, said: 'Under the leadership of Sir David Tweedie, the IASB has been instrumental in the shift from a proliferation of national GAAP to a world that is moving rapidly to a single set of high quality, global standards. 'We shall shortly be beginning the process of considering what the IASB will look like in the next phase in the development of global standards. The new chairman willplay an important role in that process. We are launching the search process now to allow time for the broadest international search possible to fill this vital position and to provide for a smooth transition,' he added. What next for the man who dreams of convergence? 'Being an anarchic grandfather', he told Accountancy in an interview last month.