RegulationAccounting StandardsUS to adopt IFRS ‘in a few years’ – Gerrit Zalm

US to adopt IFRS 'in a few years' - Gerrit Zalm

New ISACF chairman also repeats his intention to crack down on 'carve-outs'

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
IFRS.

‘If we still have the objective of having one international standard then the
carve-out must be reversed,’ he said.

Further reading:

U.S.
seen adopting global accounting rules

IASB chair sparks fresh tensions with European
regulators

IASB chief vows to produce one global
standard

Related Articles

Demystifying GDPR for accountants

Accounting Standards Demystifying GDPR for accountants

1w Ellen Temperton, Lewis Silkin
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
The great professional services shake-up

Accounting Standards The great professional services shake-up

3m Fergus Payne, Lewis Silkin
What do clients actually want from an accountant?

Accounting Standards What do clients actually want from an accountant?

4m Emma Smith, Managing Editor
Accountants shouldn’t neglect hybrid mismatch anti-avoidance rules

Accounting Standards Accountants shouldn’t neglect hybrid mismatch anti-avoidance rules

4m Alison Conley
Membership of the accountancy profession on the rise

Accounting Standards Membership of the accountancy profession on the rise

5m Alia Shoaib, Reporter
The real price of mates' rates in the provision of professional services

Accounting Standards The real price of mates' rates in the provision of professional services

5m DAC Beachcroft
IASB overhauls insurance accounting with issuance of IFRS 17

Accounting Standards IASB overhauls insurance accounting with issuance of IFRS 17

7m Alia Shoaib, Reporter