PracticeConsultingCall for push on international standards to head off US domination

Call for push on international standards to head off US domination

Rapid action is necessary to head off the adoption by default of US accounting standards, according to the secretary general of the International Accounting Standards Committee.

Sir Bryan Carsberg said that despite real progress towards global standards of financial reporting, there was still a lack of endorsement in the United States and Canada.

Speaking last night at a lecture sponsored by the English ICA’s Centre for Business Performance, Sir Bryan gave details of a radical new approach by the ISCA.

A new board with fourteen members will be formed, scheduled to begin operations in January next year. It will be governed by nineteen trustees from around the world.

‘We are on the threshold of a new era in the IASC’s life,’ he said. ‘We are now on track, and moving towards agreement on global accounting standards.’

Sir Bryan told an audience of business leaders and academics at the Manchester Business School that people would not wait much longer. Common standards of accounting would reduce the costs of multi-national and other large companies, and boost their international competitiveness by giving investors understandable, reliable information.

Sir David Tweedie, Chairman of the Accounting Standards Board, said he thought the IASC was going to win, but the next six months would be critical.

‘It’s going to become the global standard, and we should have that global standard within the next ten years, he said.

http://www.iasc.org.uk

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