All eyes are on the Securities and Exchange Commission as it prepares to issue a detailed roadmap this summer for the transition to International Financial Reporting Standards, but some representatives gave hints about what might be in that roadmap at a conference held by the Financial Accounting Standards Board in New York.
FASB Chairman Bob Herz (pictured) likened the move to IFRS, while accountants continue to use U.S. generally accepted accounting principles, to "trying to ride two horses at once." He said FASB was in the process of updating its memorandum of understanding with the International Accounting Standards Board on convergence, but said it was up to the SEC to give a date for the transition.
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