RSS feedsIFRS in the US hinges on IASB trustees putting themselves under the scrutiny of the monitoring body by 2011, SEC chief accountant Conrad Hewitt has warned.
'This is very important. If this doesn't get established I don't think [the SEC] will mandate the change to IFRS,' said Hewitt.
Hewitt unveiled further details of the SEC's IFRS roadmap at the summit meeting, saying that the IASCF will have to make itself accountable to a watchdog, in much the same way that FASB is monitored by the SEC.
The IASCF putting itself under the spotlight is just one of seven milestones unveiled by Hewitt at ICAS's annual conference at Gleneagles Hotel in Scotland today.
In delivering the ultimatum, Hewitt sat alongside IASB chairman Sir David Tweedie who also spoke to the packed auditorium.
2011 appears to be a key juncture at which time the IASB and FASB will also be expected to have ironed out the major differences between US GAAP and IFRS.
