Robert Herz, the former chairman of the Financial Accounting Standards Board, and Sir David Tweedie, the former chairman of the International Accounting Standards Board, said Tuesday that the Securities and Exchange Commission needs to make a decision soon on committing to International Financial Reporting Standards, or other major countries could drop their support for IFRS.
Speaking at a panel discussion at the American Institute of CPAs’ offices in New York, co-sponsored by the AICPA and the Institute of Chartered Accountants of Scotland, over which Tweedie now presides, Tweedie warned that Japan, India and China are now hesitating with their commitment to IFRS after watching the SEC repeatedly delay its decision.
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