Mary Schapiro, the chairman of the US Securities and Exchange Commission, has welcomed the move by US and international accounting standard-setters to reaffirm their commitment to convergence for International Financial Reporting Standards. Previously criticised by Sir David Tweedie, chairman of the International Accounting Standards Board for its slow approach to adopting IFRS convergence, the SEC has since said that its roadmap to a single set of global accounting standards is set to become a 'priority', with the commission to refocus on this 'next fall'. In a joint statement issued last week, the IASB and its US counterpart the Financial Accounting Standards Board, said: 'We are redoubling our efforts to achieve a single set of high quality standards within the context of our respective independent standard-setting processes.' Schapiro supported the move stating: 'I am greatly encouraged by the commitment of the IASB and the FASB to provide greater transparency to the standard setting process and their convergence efforts. I believe that these efforts will result in improved financial information provided to investors.'