IASB - Tweedie Warns of 2011 Deadline for IFRS Choice

International Accounting Standards Board (IASB) chairman Sir David Tweedie recently noted that other countries are running out of patience waiting for the US Securities and Exchange Commission (SEC) to decide on whether to approve a roadmap for transitioning to International Financial Reporting Standards (IFRS) and that the US would need to commit by 2011. Speaking at the American Accounting Association’s annual meeting, Tweedie described how he and FASB chairman Bob Herz had worked closely together over the years on converging IFRS with US GAAP, and how the US had been involved from the outset in creating IFRS. However, since the SEC issued its roadmap last year, there was a change of administration in Washington, and SEC Commissioner Mary Schapiro has not yet approved the proposed roadmap. (Read the article Tweedie Warns of 2011 Deadline for IFRS Choice in WebCPA.)