IASB’s Tweedie meets new SEC chairman

The International Accounting Standards Board wants the US to remain committed
to its roadmap for moving to International Financial Reporting Standards and is
making the case directly to the new SEC chairman, WebCPA reported.

IASB Chairman David Tweedie met with the new chair of the Securities and
Exchange Commission, Mary Schapiro earlier this week, said WebCPA.

However, in her confirmation hearing last month Schapiro said that she would
not ‘feel bound’ by the roadmap, adding that she had some concerns about ‘IFRS
standards generally,’ according to WebCPA.

She also criticised the IASB in a follow-up letter to Congress, saying that
she ‘is not prepared to delegate standard-setting or oversight responsibility to
the IASB,’ according to WebCPA.

However, the IASB has been continuing work with the US Financial Accounting
Standards Board on various convergence projects, including work on
off-balance-sheet accounting.

Further reading:

IASB Chair Meets
with New SEC Chair

Related reading

Fiona Westwood of Smith and Williamson.