FRC chief calls for convergence rethink
IASB should concentrate on improving existing international accounting standards, not creating a single system, says regulator
Paul Boyle, head of the Financial Reporting Council, has called into question
the goal of creating a single set of global accounting standards.
The financial regulator said the benefits of one accounting language might
not outweigh the costs of time and money when there were other pressing issues
to focus on, such as improving existing standards, reports the
Financial
Times.
Speaking at an international corporate governance conference, Boyle said the
case for convergence had been stronger when there were multiple systems.
‘If we get to the point where there are just two sets of [accounting]
language, then the dynamic is different. We can’t expect everyone to know 40
languages but they can be bilingual,’ he said.