RegulationAccounting StandardsFASB wants ‘national plan’ for accounting standards

FASB wants 'national plan' for accounting standards

US authorities should move towards a national plan for a single set of accounting standards says FASB boss

The US standard setter wants the USA to draw up a
national
plan
‘ so as to move towards a single set of global accounting standards.

Financial Accounting Standards Board chairman, Robert Herz, said the shift
would also come in as little as four years.

‘We need to put together a timetable and a national plan. 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?’

Herz, and International Accounting Standards Board chairman, Sir David
Tweedie, were speaking to the FT in a joint interview at the FASB’s
headquarters in Connecticut.

The comments come amidst criticism of the convergence plan from Europe, for
being too US-based.

‘Both boards have signed up for principles-based standards. People are
worried that convergence means an avalanche of US GAAP coming their way. That
isn’t going to happen,’ said Sir David.

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