International Accounting Standards Board chairman Sir David Tweedie said that other countries are running out of patience waiting for the Securities and Exchange Commission to decide on whether to approve a roadmap for transitioning to International Financial Reporting Standards and that the U.S. would need to commit by 2011.
Speaking at the American Accounting Associations annual meeting, Tweedie described how he and FASB Chairman Bob Herz had worked closely together over the years on converging IFRS with U.S. GAAP, and how the U.S. had been involved from the outset in creating IFRS. However, after the SEC issued its roadmap last October, and there was a change of administration in Washington, SEC Commissioner Mary Schapiro has not yet approved the proposed roadmap.
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