July 2010

US adoption of IFRS remains “highly uncertain”, trustee warns

From AccountancyAge.

Chairman highlights dangers to IASB survival if US fails to adopt IFRS

US adoption of global accounting rules is “highly uncertain” and could threaten the survival of the International Accounting Standards Board, a leading board member has warned.

Tommaso Padoa-Schioppa, newly appointed chairman of the IASB trustee group, has signaled his intention to review the organisation, due in part to uncertainty surrounding US adoption of international accounting standards.

Speaking at the boards’ trustee meeting in Washington DC earlier this month, Padoa-Schioppa said the IASB’s US convergence program may end in disappointment.

Full article.

 

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