The new head of the international standard setting body has said the US will
move to full IFRS within a few years.
Newly appointed chairman of the International Accounting Standards Committee
Foundation, Gerrit Zalm said this was inevitable.
Speaking to Reuters, the former Dutch deputy Prime Minister said the first
step would be for the US to scrap the requirement for foreign listings using
IFRS to file separate accounts based on US GAAP, and the second step would be
for the US to allow domestic firms to use IFRS.
Zalm’s backing of such a move – already proposed by the Securities and
Exchange Commission – conflicts with the views of
Robert Herz, chairman of the Financial
Accounting Standards Board, who said this would threaten the goal of ultimate
convergence of standards.
He also repeated his intention to crack down on localised ‘carve-outs’ of
‘If we still have the objective of having one international standard then the
carve-out must be reversed,’ he said.
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