The European Union has issued a blunt warning to accounting standard setters that they must not use a project to harmonise global rules as an opportunity to revolutionise financial reporting.
Charlie McCreevy, the EU internal market commissioner, said yesterday: "Convergence [between US and international rules] is not an invitation to standard setters to try and advance the theoretical frontiers of accounting. I will not take on board any revolutionary new standards."
The International Acc-ounting Standards Board and its US counterpart, the Financial Accounting Standards Board, have agreed to narrow differences between their respective rules, which would make it easier for market regulators to accept foreign accounts.
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