Schapiro may put IFRS roadmap on ice

Mary Schapiro, the incoming head of the Securities and Exchange Commision has dealt convergence efforts a major blow by saying she may shift the goalposts on the US adoption of IFRS.

'I will not be bound by the existing roadmap that's out for public comment,' cfo.com reported.

Her comments came in the wake of Paul Volcker, the former chairman of the International Accounting Standards Committee Foundation, saying: 'I do think we ought to be working toward international accounting standards and have them standard around the world under the general aegis of the International Accounting Standards Board, and there's been a lot of progress in that direction.'

Further reading:

US CFOs back early IFRS adoption