IASB Smith - US to adopt IFRSs in the next five years

08 May 2009

"Those countries already adopting and committing themselves to IFRSs will not accept a situation where the US remains outside the system indefinitely, yet has a seat at the table”, Smith said.

"I believe it is in the interest of the United States to adopt IFRSs in the next five years", John Smith, Board member of the IASB said on the conference in Brussels. “The cost to the United States of failing to adopt IFRSs will be high.”

 

"The current accounting rules create numerous options, which reduce comparability and add unnecessary complexity", he said underlining the urgent need to reduce complexity, enhance comparability and relevance and provide a basis for convergence worldwide.

 

"Those countries already adopting and committing themselves to IFRSs will not accept a situation where the United States remains outside the system indefinitely, yet has a seat at the table”, Smith underlined.

 

Clearly, the United States is on a path towards the adoption of IFRSs, the question is, when?

 

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