US authorities need to draw up a “national plan” for moving to a single set of global accounting standards, according to the chief US standard setter – a shift that could come in as little as four years.
“We need to put together a timetable and a national plan,” said Robert Herz, chairman of the US Financial Accounting Standards Board, in a joint interview with Sir David Tweedie, his international counterpart, at FASB’s headquarters in Connecticut. “When you see most the rest of the world having moved towards IFRS, the time has come for us to say ‘OK, when are we joining them and how do we envisage that occurring?’”
The comments came amid growing criticism of the convergence of US GAAP and international financial reporting standards from those who fear that a single system will end up missing the best elements of both.
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