Thursday, October 27, 2005

Opposition mounts to IFRS 3 draft


Opposition to accounting standard setters has hit fresh highs over a proposed new standard on M&A transactions - a sign that support for the harmonisation of global accounting is being strained.

European industry, accountants, analysts and regulators have criticised a draft standard on business combinations, known as IFRS 3, the first to be written jointly by the International Accounting Standards Board and the US Financial Accounting Standards Board.

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