International Accounting Standards Board
(IASB) chairman David Tweedie has called for the US to make
a positive decision towards IFRS adoption.
Speaking at a financial standards event held
by the US Chamber of Commerce, Tweedie said there is a pressing
need for the US to commit itself this year to a clear, defined, and
workable timetable for the incorporation and use of IFRSs, as
published by the IASB.
“We all know that there cannot be a global
system without US acceptance of IFRSs. It is in the United States’
economic interest to be part of the global system,” Tweedie
said.
Tweedie warned that delaying the adoption of
IFRSs imposes unnecessary costs and risks on US companies.
“Already US-based multinationals need to
maintain multiple sets of accounting books, filing statements
prepared in accordance with US GAAP with the SEC while reporting
under IFRSs or national standards for their international
subsidiaries,” he added.
Tweedie emphasised the importance of the US
Securities and Exchange Commission to make a decision in 2011.
“The window of opportunity will close if a
decision is delayed. At the same time, a decision this year will
provide US companies, auditors and educators with the necessary
certainty and time they require to prepare for IFRSs,” he said.
Tweedie’s call follows appeals this month by
the European Commission and the European Financial Reporting
Advisory Group for the US to fully adopt IFRS.
