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July 5, 2011

Hoogervorst optimistic US will adopt IFRS

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 future.”

“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.

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