Its very easy to keep the FAA IR current. All you need is you and your pilot mate. So long as you have 6 approaches, navigation by use of navaids, and holding procedures in you log book for the past 6 months, then you are current. You fly under the hood while your mate keep a good look out. And if your mate happens to be flying under the FAR's the time he or she spends as safety pilot can count as PIC for them.
Painless really.
Cheers
EA
