Watchdog needs accountability before American IFRS

IFRS in the US hinges on
IASB trustees putting
themselves under the scrutiny of the monitoring body by 2011, SEC chief
accountant Conrad Hewitt has warned.

‘This is very important. If this doesn’t get established I don’t think [the
SEC] will mandate the change to IFRS,’ said Hewitt.

Hewitt unveiled further details of the SEC’s IFRS roadmap at the summit
meeting, saying that the IASCF will have to make itself accountable to a
watchdog, in much the same way that FASB is monitored by the SEC.

The IASCF putting itself under the spotlight is just one of seven milestones
unveiled by Hewitt at ICAS’s annual conference at Gleneagles Hotel in Scotland

In delivering the ultimatum, Hewitt sat alongside IASB chairman Sir David
Tweedie who also spoke to the packed auditorium.

2011 appears to be a key juncture at which time the IASB and FASB will also
be expected to have ironed out the major differences between US GAAP and IFRS.

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