The International Accounting Standards Board would no longer pursue convergence with its US peer as “an objective in itself”, its oversight body said on Monday, in the latest sign of eroding consensus on accounting rules.
The IASB, which sets standards for most of the world outside the US, was nominated by the Group of 20 nations to oversee the development of a single high-quality accounting standard by mid-2011.
This was widely assumed to include convergence of US and international standards with a view to US adoption of International Financial Reporting Standards, which are already used or due to be used by more than 110 countries, including India, China and Japan. However, increasing politicisation of the accounting process and tensions over sovereignty has made this harder to achieve, say regulators and accountants.
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