Sir David Tweedie: FASB has a future

US standard setters will continue to have an important role to play even after IFRS is implemented, said international accounting head Sir David Tweedie.

IASB chairman Sir David said FASB was 'not going away', at a Pace University-organised seminar, reported WebCPA.

FASB had helped US and international accounting standards converge and both bodies should protect each other. 'If one goes, the other does as well,' he added.

He expects US and international standards to be in the same 'ballpark' by 2011.

Sir David pointed out France's accounting aossociaitions as being less helpful.

The IASB will also publish a report next year looking at what the IASB has learned from the financial crisis.

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