According to an article posted by CFO.com, procrastination by the SEC could cause the current global consensus on financial reporting to disintegrate, warns the International Accounting Standards Board chief, Sir David Tweedie.

Speaking recently at a U.S. Chamber of Commerce gathering on the future of financial reporting, Tweedie said if they put off a commitment to international financial reporting standards beyond 2011, U.S. accounting rulemakers and standard-setters would impose “unnecessary costs and risks on U.S. companies.”

CFO notes that Tweedie’s remarks packed particular punch and what appears to be a new sense of urgency. This year looms “as a year when the future path of financial reporting [will be] determined,” he said.

Of the 10 major projects targeted for convergence by the two boards in their 2006 memorandum of understanding, just three remain to be completed: revenue recognition, leasing, and financial instruments.

To read the CFO.com article: click here.