IASB and FASB give "no guarantee" they will resolve all differences over international standards convergence
A progress report on international accounting convergence caused rumblings in the accounting world last week, with fears the world’s two chief standard setters were being overambitious in their quest to unite their two accounting codes by June next year.
Some even suggested the quality of international accounting rules may suffer as the international and US standard setters move towards a June 2011 deadline.
Jeremy Newman, chief executive officer of BDO International, was worried that too much was being compromised by the International Accounting Standards Board (IASB), headed by Sir David Tweedie, as it attempts to converge its standards with US rules. He fears a rush job may hurt the standards though a lack of thoroughness. “My fear at the moment is that in order for the IASB to say ‘we got there’ it will drop so much stuff that getting there just doesn’t mean a whole lot,” he said.
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