PwC urges IASB to further slow convergence timetable

PwC has urged the International Accounting Standards Board to slow it’s “aggressive” convergence timeline.

The Big Four auditor has weighed into the accounting debate with a call for restraint as the IASB and its US counterpart, the Financial Accounting Standards Board, move towards a June 2011 deadline to converge the bulk of US and International accounting rules.

The two boards have already decelerated their convergence timetable earlier in the year following concerns from accounting institutions and corporations about the potential unintended consquences of rushed accounting rules.

But PwC has urged further restraint.

“We continue to believe that the boards' objectives of issuing high quality standards will necessitate a more measured pace,” the body said in a short statement.

“Recognising the inherent need to balance speed to completion and efforts aimed at enhancing quality, we believe the targeted time periods in the boards' recent release are not sufficient.”

Further reading

Can high quality standards be issued in the timeframe proposed?

IASB gives "no guarantee" of full US accounting convergence