Canada, US and Mexico move towards IFRS...
Recent moves by Mexico, Canada and the US are "important steps" towards the goal of adopting International Financial Reporting Standards (IFRS), it has been claimed.
According to Sir David Tweedie, chairman of the International Accounting Standards Board (IASB), announcements made last week by bodies in all three countries are encouraging.
On November 11th the Mexican Comision Nacional Bancaria y de Valores and the country's Accounting Standards Board announced that the nation will adopt IFRS for all listed entities from 2012.
The same day saw the Canadian Accounting Standards Oversight Council reaffirm its plans to require the country's publicly accountable enterprises to follow international rules by 2011.
On November 14th the US Securities and Exchange Commission published a document entitled Roadmap for the Potential Use of Financial Statements Prepared in accordance with International Financial Reporting Standards by US Issuers.
The paper features milestones, which if met, could see IFRS adopted in the US in 2014.
According to Sir David, the recent G20 summit confirmed the need for global accounting standards.
"The actions taken last week in Mexico, Canada and the United States are important steps towards achieving that objective," he said.
Yesterday, the IASB and US Financial Accounting Standards Board appointed Hans Hoogervost and Harvey Goldschmid as co-chairs of an advisory group tasked with considering the impact of the global economic crisis on financial reporting.
According to Sir David Tweedie, chairman of the International Accounting Standards Board (IASB), announcements made last week by bodies in all three countries are encouraging.
On November 11th the Mexican Comision Nacional Bancaria y de Valores and the country's Accounting Standards Board announced that the nation will adopt IFRS for all listed entities from 2012.
The same day saw the Canadian Accounting Standards Oversight Council reaffirm its plans to require the country's publicly accountable enterprises to follow international rules by 2011.
On November 14th the US Securities and Exchange Commission published a document entitled Roadmap for the Potential Use of Financial Statements Prepared in accordance with International Financial Reporting Standards by US Issuers.
The paper features milestones, which if met, could see IFRS adopted in the US in 2014.
According to Sir David, the recent G20 summit confirmed the need for global accounting standards.
"The actions taken last week in Mexico, Canada and the United States are important steps towards achieving that objective," he said.
Yesterday, the IASB and US Financial Accounting Standards Board appointed Hans Hoogervost and Harvey Goldschmid as co-chairs of an advisory group tasked with considering the impact of the global economic crisis on financial reporting.
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