In the interview, Sir David comments on some of the key events relating to IFRSs in 2007, including:
- eliminating the IFRS reconciliation in the United States
- US consideration of allowing domestic companies to use IFRSs
- the recent ICAEW study that found widespread benefits of adoption of IFRSs in Europe
- progress on convergence with FASB
- success in engaging stakeholders in IASB's due process
- efforts to maintain the IASB 'brand' and ensure that assertions of compliance with IFRSs are made only when there is compliance with full uo-to-date IFRSs
Click to download Accountancy's Interview with Sir David
(PDF 202k). The article is copyrighted by Wolters Kluwer (UK) Ltd. We are grateful to Accountancy Magazine
for giving us permission to post it on IAS Plus. Here's an excerpt:
An excerpt from the Accountancy interview with Sir David Tweedie:
[Removing the SEC's reconciliation requirement for IFRS filers in the USA] is not the only feather in the cap for the Scot who is helping to make the vision of a global set of reporting standards a reality. Something of a watershed year, 2007 also saw the 108th country sign up to International Financial Reporting Standards. And more are queuing up behind – Canada, Israel, Chile, Japan are waiting in the wings. "We reckon by about 2011 there'll be 150 – all the major economies", he announces triumphantly.
Not only that, but the world's largest capital market, the US, is on the verge of coming on board – also by 2011, hopes Tweedie.
"Six years ago, when we started, if someone said, 'Describe where you'll be in 2007', I wouldn't have described this. This is much, much better than we thought, and it's happened much, much faster – and that's indicative of the markets and globalisation in general."