PracticeConsultingIFAC Conference – Support from US watchdog hangs in balance.

IFAC Conference - Support from US watchdog hangs in balance.

The International Accounting Standards Committee is hoping its

Supporters of international accounting standards, including many prominent UK accountants, see the attitude of the US Securities and Exchange Commission as a potential stumbling block in the move towards the acceptance of a single set of worldwide accounting standards. Such a move would remove the distortions and confusions that arise from each country using their own standards. Sir Bryan Calsberg, secretary general of the IAS committee was confident the move would improve the chances of US support. He said: ‘As an independent body the SEC now has greater confidence in us.’ He added: ‘We hope the SEC will give greater acceptance of IASs. It’s everybody’s hope.’ Publication of the results of a consultation exercise on international standards carried out in the US by the SEC is expected in two or three weeks. The IAS committee is hoping the recent endorsement of IASs by Iosco, the international stock market regulators club in Sydney two weeks ago, will add weight to their cause. IFAC president Frank Harding said: ‘I was in Sydney when the announcement was made that Iosco was endorsing IASs . It was a major coup and there was considerable excitement.’

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer