The International Accounting Standards Board has warned it will stop engaging in new joint projects with its US counterpart if the US Securities and Exchange Commission does not endorse its IFRS standards.

The IASB's vice chairman, Ian Mackintosh, made the claim during a webcast in which he answered industry questions about the IASB's recent consultation over its future strategy.

Cooperation between the IASB and the US Financial Accounting Standards Board "really depends" on the US's decision on whether to adopt the standards, he said.

While the IASB would look to finish the projects it has already initiated with the FASB, "I wouldn't have thought that we would work jointly with them on new projects," Mackintosh admitted.

He added that the "global constituency" of IFRS users have a "right in the process" to ask for improvements in areas that are troubling them, which could be considered more important than continuing to align US and IFRS standards.
 
http://www.gfsnews.com/article/2620/1/IASB_warns_of_weakening_ties_with_FASB