The US standard-setter’s chairman has hit out at companies that have been
demanding the right to choose which accounting standard to use – saying that he
expected all US companies to eventually follow a single accounting standard.
Financial Accounting Standards Board chairman Robert Herz added that he
expected this standard to be IFRS, not US GAAP.
Herz was addressing financial officers and executives on Friday at the
Financial Executive’s Institute’s annual financial reporting conference in New
York, Financial Week reported.
Herz said he was looking for an ‘orderly way’ to get to a single accounting
system, and that a national plan would be the way to achieve this.
The plan would include timetables, tasks and education efforts to move US
companies to a global standard.
‘I don’t believe in a two-GAAP system,’ Herz said.
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