The SEC staff report reiterates the many challenges that a large economy such as the
In his comments on the SEC staff report, IASB Chair Hans Hoogervorst emphasized that now is the right time to come on board and participate in shaping the future of global accounting. This is a pivotal moment for the IASB, he said, as the Board begins work on a new agenda. The era of convergence is coming to an end, he declared, and the Board is revamping its institutional infrastructure to provide for a more inclusive approach to international standard setting. IFRS have already achieved critical mass as international standards with more than two thirds of the G-20 now on board, he observed, and the momentum behind them becoming global accounting standards is irreversible.