IASB blocks interference from US
Tweedie says IASB will not bow down to US demands simply for the sake of convergence
European bodies worried that accounting convergence will mean the adoption of
US-style standards have been reassured by the head of the global accounting
standards-setter.
Speaking to the accounting regulatory committee at the European Commission,
Sir David Tweedie, chairman of the International Accounting Standards Board,
said the body would not bow down to US demands simply for the sake of
convergence.
‘Many have expressed the concern that the FASB will dictate the outcome of
discussions,’ said Sir David.
‘Let me emphasise that the convergence efforts are aimed at developing the
best approaches to the accounting challenges facing the FASB and the IASB. This
is not an exercise in adopting US GAAP internationally.’
The US Securities and Exchange Commission and the EC recently agreed a
roadmap that would eliminate the need for European companies registered in the
US to reconcile their accounts to US GAAP and vice versa.