PracticeAuditStandards body attacked in convergence row

Standards body attacked in convergence row

European Roundtable of Industrialists worry about rush to convergence

The European Roundtable of Industrialists (ERI) has criticised the accounting body set up to consider transatlantic convergence on accounting standards of rushing its plans.

Link: Volcker rebuffs McCreevy over IASB

The FT reports today that the ERI, which represents large European businesses including Nestle, Unilever, Astrazeneca and Shell amongst others, is worried that the IASB’s plans to press ahead with international convergence are running ahead of themselves.

A letter obtained by the FT from the ERI to the International Accounting Standards Board suggests the IASB has pre-determined the outcome of negotiations over new standards.

The IASB has not commented on the letter as yet.

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