IASB should concentrate on improving existing international accounting standards, not creating a single system, says regulator
Accountancy Age, 11 Jul 2007
Paul Boyle, head of the Financial Reporting Council, has called into question the goal of creating a single set of global accounting standards.
The financial regulator said the benefits of one accounting language might not outweigh the costs of time and money when there were other pressing issues to focus on, such as improving existing standards, reports the Financial Times.
Speaking at an international corporate governance conference, Boyle said the case for convergence had been stronger when there were multiple systems.
‘If we get to the point where there are just two sets of [accounting] language, then the dynamic is different. We can’t expect everyone to know 40 languages but they can be bilingual,’ he said.
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