An influential European MEP has criticised the International Accounting Standards Board for placing too much focus on convergence with US GAAP.

Pervenche Berès, the chairwoman for the committee on economic and monetary affairs in the European Parliament, told Accountancy Age that the IASB’s focus on convergence 'consumes resources that could or should be used to improve existing standards'.

Berès argued that because US GAAP is rules-based and IFRS is principles-based, the ability to create one accounting language is limited. Turn to page 2 to read more.