The highly controversial standards on financial instruments have finally been published by the International Accounting Standards Board, with a warning to detractors that continued opposition could ruin 'the best chance for a generation' to finally achieve unified global accounting rules.
Link: IAS special report
Although some of the more controversial issues in IAS32 and IAS39 are still under discussion, IASB chairman Sir David Tweedie expects some adverse reaction to the standards published today. But he said that those wishing to avoid the implications of the new rules were also against comparable accounts across the world.
‘Companies in the US have been using very similar standards for years now, with no major problems,’ said Sir David. ‘If some people want to blow it all away then they don’t want a single set of standards. This is the best chance for a generation to achieve that aim.’
Sir David acknowledged the concerns of some, especially those of the banks, and admitted that the standards were not perfect. But he said it would be impossible to continue with no standard at all. He added that the board may look at some of the issues again in four or five years time.
‘Changes are always difficult, but the bottom line is that this rule is essential,’ he said.
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