| Three former standard setters – who served the accounting profession through the early days of the financial crisis – talked at length Tuesday during a two-hour panel discussion about the US adoption of IFRS, integrated reporting and the political pressure that standard setters can face.
“Shaping the Future: Lessons From Accounting Leaders”, featured Sir David Tweedie, the former chairman of the International Accounting Standards Board (IASB); Bob Herz, the former chairman of the US Financial Accounting Standards Board (FASB); and Paul Cherry, the former chairman of the Canadian Accounting Standards Board (AcSB). It was sponsored by the AICPA, the Institute of Chartered Accountants of Scotland (ICAS). The groups were joined by the Canadian Institute of Chartered Accountants.
Tweedie, who became ICAS president last week, said he fears fragmentation in international accounting standards if the US doesn’t come on board. He said nations with significant economies such as Japan, China and India might not adopt IFRS if the US doesn’t.
He said the US holds the key to the future of international standards as the SEC considers its options on IFRS.
“The world is waiting,” Tweedie said. “And waiting. And waiting.”
See a summary here of the full decision as reported by CGMA Magazine