John Tiner has warned companies and accountants to interpret international accounting standards with ‘reasonable consistentcy’ from day one.
Speaking to the Financial Times the FSA CEO said some different interpretations were expected as IFRS was principles based, but emphasised that companies shouldn’t be allowed to take advanatage of this.
‘They shouldn’t be allowed to push the envelope so far that we get completely perverse outcomes,’ said Tiner.
Tiner added that inconsitent interpretations would hinder attempts to build a single capital market in Europe, as they would undermine confidence in international accounting standards.
The City watchdog’s head said he had set up a team to identify differing interpretations early.
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