Often a trendsetter, the U.S. is instead playing the opposite role, and the patience of the global accounting community is starting to wear thin as the States continues to ponder International Financial Reporting Standards. "The world is waiting, waiting, waiting" on the U.S. to make up its mind on whether to adopt international financial reporting standards, said Sir David Tweedie, the immediate past chair of the International Accounting Standards Board, at a recent invitation-only event in New York City. "And, should it say no, the world will move on without it — and there is a danger in that," he added. "The danger is that [the decision] is delayed, then the [U.S.] election comes along and it could be another year before this issue is addressed … Meanwhile, we could end up with regional variations and it could take another 10 years to put it all together again." |