PCAOB member slams stateside IFRS plans

The switch to IFRS by 2014 could squander comparability among US financial statements and impede the ability of the regulators and auditors to do their jobs

A senior US accounting oversight board member has dealt an unexpected blow to plans to introduce international accounting rules, saying it could set American markets back by 'light years'.

Charles Niemeier, an influential member of the Public Company Accounting Oversight Board, said the switch to IFRS by 2014 could squander comparability among US financial statements and impede the ability of the regulators and auditors to do their jobs.

'IFRS has the potential to de-link us from our regulatory model,' Niemeier told a delegation at the New York State Society of CPAs conference.

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