Paul Boyle, chief executive of the Financial Reporting Council, recently made it known that he had heard some serious concerns, then last week the European parliament piled into the argument.

The attempted mauling came from Pervenche Berés, the little-known (in the UK at least) chairwoman of the parliament’s economic and monetary affairs committee.

She wondered out loud whether the International Accounting Standards Board was ‘wasting’ a lot of time on convergence with the US that could otherwise have been spent on improving the existing set of international standards. The world, she said, could manage with more than one set of standards, instead of allowing IFRS to become too American.

Trouble is, I think key people will find it very easy to dismiss the thoughts of Madame Berés out of hand.

She is French, so they might suggest she has a natural affinity for opposition to any US superiority. And she’s a senior member of the Socialist party in France, which, they will believe, could only compound her natural leaning to defy anything that even hints of Washington.

Berés’ concern is segmental reporting (IFRS8) and she’s on the side of the charities, such as Christian Aid, which want to see reporting on a country-by-country basis so they can see what companies are doing in the countries that they operate in, rather than the US version.

Now that’s a serious quarrel, and it’s worth remembering that MEPs really know how to kick up a fuss. Remember Jacques Santer?

Gavin Hinks is editor of Accountancy Age