US standard setter waiting for regulator's next move

Bob Herz, FASB

The US accounting standard setter is waiting on the actions of the country’s financial regulator to know whether there will be a greater push toward international standards.

Bob Herz, chairman of FASB, the US standards setter, said the ball was now in the court of the Securities and Exchange Commission, which would be considering the roadmap to international standards later this year.

Herz is reported making his comments at conference in New York by webcpa which also report that FASB and the IASB will be meeting monthly to iron out differences by June 2011.

Webcpa reported Herz reminding guests that a number countries continue to use US GAAP.

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