Wyman slams IASB
ICAEW president Peter Wyman has hit out at the International Accounting Standards Board claiming that the drive towards convergence with the US is damaging the quality of accounting.
In an interview with the Financial Times, Wyman claimed that new standards being put forward by the IASB, and in particular the standards dealing with financial instruments, were becoming too rules-based and complex. This in turn, he said, would damage the drive to get all companies listed in the EU to use International Financial Reporting Standards by 2005.
‘I am very unhappy with the style of standards,’ said Wyman. ‘They are getting more and more rules-based. They are longer and less judgement is involved.’
‘The IASB should concentrate on producing the very best standards, and look to convergence with US generally accepted accounting principles as a secondary focus,’ he added.