IASB Asks the U.S. to Adopt IFRS

Submitted by Allison Schiff on Fri, 03/11/2011 - 11:06

Speaking before the U.S. Chamber of Commerce in Washington, D.C. yesterday, Sir David Tweedie, chair of the International Accounting Standards Board (IASB), again urged the U.S. to implement International Financial Reporting Standards (IFRS), reported the Financial Times (FT).

According to the FT, Tweedie “sought to reassure the U.S. that it would not be ceding control of its accounting system to foreign politicians if it adopted the IASB’s rules.”

In his speech, Tweedie said he is confident that instituting IFRS as the common basis for financial reporting is “not some pipedream,” but “a vision on the cusp of becoming a reality.”

The Securities and Exchange Commission is slated to decide whether or not to discard U.S. Generally Accepted Accounting Principles in favor of IFRS sometime this year, said the FT.

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