The new chairman of the International
Accounting Standards Board (IASB) Hans Hoogervorst is optimistic
the US Securities and Exchange Commission (SEC) will move to fully
incorporate IFRSs into the US financial reporting regime.

Hoogervorst said in his first speech as
chairman that, “it seems reasonable to me that the SEC takes its
time to make the appropriate transitional arrangements, however it
is clear that US companies would welcome some certainty in the near

“The US is the largest national capital market
in the world with some of most developed and sophisticated
accounting standards, therefore it’s appropriate that the SEC has
taken its time,” he said.

Hoogervorst also added the SEC’s decision is
likely to have consequences elsewhere in the world, with several
other major economies waiting to see what happens before finalising
their adoption plans.

He said the need for global financial
reporting standards has never been greater.

“I relish the opportunity to lead the IASB and
to complete the work that David Tweedie and his colleagues began in
2001,” Hoogervorst added.