FASB head urges decision on IFRS

Convergence between the US GAAP system and International Financial Reporting Standards could take three to five years, said Robert Herz, chairman of the Financial Accounting Standards Board (FASB).

The process of aligning US and international accounting rules will be ‘sustainable for the next three to five years’, but a decision on full adoption should be made after that point, he told Reuters.

Although many in the accounting profession have argued for a gradual process of convergence to continue until the two sets of standards match, Herz argued that this would be unsustainab

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