Tweedie says last chance for global accounting

The world is facing its last chance to introduce a gloabl system of accounting, according to the head of the International Accounting Standards Board.

Sir David Tweedie made the remarks while speaking in New York to a gathering of analysts. The US is due to make a decision next year on whether to commit itself to full convergence with international standards.

Sir David is quoted by Reauters saying this was "The last chance" and added: "The next year is critical, this is it. We can't kick this tin down the road much longer."

The US still uses US GAAP but its own national standard setter, FASB, remains without a confirmed new chairman after the sudden retirement of Bob Herz. Leslie Seidman, a board member, is acting chairman from this month.

A favourite for the role is Russel Golden who was recently made a FASB board member. Golden is due to be in London next to speak at PwC's Meet the Experts conference.

Golden emerged as a front runner for the chairmanship last month. He is already technical director at FASB but the new appointment will elevate him to a new seven-member board.The board is being expanded from a five-member structure.