PwC partners against global convergence
Draft position paper wants convergence ‘shelved’
Senior partners at Big Four firm PricewaterhouseCooopers are opposed to plans
to harmonise US and international accounting standards, according to a draft
positioning paper seen by the Financial Times.
Senior UK partners at PwC want the landmark project shelved indefinitely,
according to the confidential internal document.
Rather, PwC said the International Accounting Standards Board needed to focus
solely on improving its own standards, which it said would ‘provide
significantly more value than would be achieved from the current convergence
agenda’.