PracticeAuditIASB chief vows to produce one global standard

IASB chief vows to produce one global standard

IASB chair vows to get rid of European carve-out in effort to produce single global accounting standard

Europe could jeopardise the global effort to produce a single accounting
standard if it goes ahead with the development its own versions, says Gerrit
Zalm, who steps in as chairman of the trustees of the
International Accounting Standards
Board
today.
Zalm, a former Dutch finance minister, said earlier this week one of his first
priorities would be to prevent fragmentation of standards in Europe and trying
to get rid of the existing carve-out.

‘There is a growing acceptance of the need for international accounting
standards as the basis of financial reporting for the world’s rapidly
integrating capital markets. It is the role of the trustees to help ensure that
progress continues on a worldwide basis,’ Zalm said after his appointment.

His comments come as the
US Securities and
Exchange Commission
considers whether it will allow foreign companies to
file accounts under international financial reporting standards without the
costly reconciliation into US equivalents, which can amount to millions of
dollars.

Further reading:

IFRS for the US, Herz says

SEC cautions against individual versions of IFRS

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