Last week, Financial Accounting Standards Board (FASB) chairman Robert Herz told an accounting conference audience that ideal timing to align U.S. GAAP and IFRS would be within the next 3 to 5 years.

While the SEC continues to debate when it will require IFRS adoption by U.S. companies, the FASB also continues to work (slowly but steadily) on merging GAAP with IFRS. Herz, according to this Reuters article, believes that a stronger case needs to be made, by the SEC, for adoption.

“I think the SEC needs to do a very thorough study from a public policy point of view of the impacts on our financial system and our economy,” Herz said. “I am not clear that the public policy case has been made in this country yet for there to be an adoption-type process.” ###