RegulationAccounting StandardsSir David Tweedie: FASB has a future

Sir David Tweedie: FASB has a future

US standard setters have a future despite convergence to international accounting standards

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.

Further reading:

View
WebCPA’s story

IASB looks at fast track response
to future crisis

Gerrit Zalm: maintaining
standards

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