We report on misgiving over convergence between IFRS and US GAAP, and the growing demands to resist the flag-waving standard-setters for Wall Street
‘Convergence for convergence sake’ is a phrase on many accountants’ lips at present, but eliminating the need for reconciliation to US GAAP has become a matter of much greater concern, especially as many in the UK financial community think convergence is proceeding too fast.
But how far down the line are we in aligning IFRS with US standards? Not very, say most experts, although there are more similarities than differences between the two nowadays.
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