Interview with IASB Chairman, Sir David Tweedie
Henry Keizer, Global Head of Audit for KPMG International (KPMGI) and also serves as U.S. Vice Chair, Audit, for KPMG LLP; Sir David Tweedie, Chairman, International Accounting Standards Board. | May 27, 2009 | 9:30am ET
IFRS Institute
This videocast interview with the IASB Chairman, Sir David Tweedie, was recorded at Hofstra University. The interview focuses on the current status of International Financial Reporting Standards (IFRS), the potential for adoption of IFRS in the United States, and the future of the International Accounting Standards Board (IASB).
In his remarks, Sir David says that the ongoing work between the IASB and the U.S. Financial Accounting Standards Board (FASB) to converge U.S. and international accounting standards will make the transition in the United States a relatively smooth one. The IASB and FASB have been converging standards in 11 key accounting areas since 2002. The work is expected to be completed by 2011.
"U.S. and international standards are going to be very close. It won't be as difficult as you might think," he said, contrasting the long-term convergence effort between the IASB and FASB with Europe's adoption of IFRS in 2005, only nine months after the standards were established.