Poll says convergence not a top priority

Stephen Haddrill

Convergence between international accounting standards and US standards is
less important than ensuring the accounting rules work are relevant to
investment decision, a survey has found.

A poll by the CFA Institute, the professional body for investors, found that
75% of those who answered believed convergence was as important or more
important than simplifying standards or converging with US standards.

The news was revealed in this morning’s
but earlier this month Accountancy Age reported that the UK’s new
chief financial reporting regulator has placed convergence low down his agenda.

Stephen Haddrill, chief executive of the Financial Reporting Council, said
the focus should be on creating high-quality international standards, rather
than convergence.

“We have got to work together, but we have got to work together around the
goal of producing good quality standards not just about translating American
standards into an international shape.”

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