Wyman slams IASB

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.

Link: Wyman calls Higgs report a ‘fine achievement’

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.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource