Pressure is mounting on the international accounting standard setter, after an influential MEP followed one of the UK’s top financial regulators in questioning the attempt to bring US and international standards much closer together.

The Financial Reporting Council’s chief executive Paul Boyle raised his concerns at a recent shareholder conference, but told Accountancy Age this week that reservations were being expressed among European standards users about whether to continue endorsing IASB and its convergence work.

‘Some people are concerned the standards may be too heavily influenced by US standards, and it could lead some to decide to not support what the IASB is doing,’ he said.

‘It would be very unfortunate at this stage if the EU did not continue to be fully signed up to IASB standards and it would be a pity if Europe abandoned IASB standards either because they thought it was politically too close or structurally too close to the US.’

This week Pervenche Berès, chairwoman of the European Parliament’s committee on economic affairs, added her voice to growing disapproval.

‘If the IASB sees convergence between IFRS and US GAAP as an end in itself, then I do think the IASB could undermine its position,’ she said.

Criticism of the standard setter has stemmed from a row that recently erupted between the IASB and shareholders, who objected to the adoption of IFRS8, which is identical to a US standard that gives authority over which aspects of a business executives should report on.

Charities are also opposed to the standard. Christian Aid’s economic and tax expert Claire McGuigan said: ‘We want to see country-by-country reporting, as we’re unable

to access tax data where multi-nationals operate, particularly in developing countries.’