Europe criticises IASB over convergence with US GAAP

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.

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