PwC partners split over leaked paper

PwC partners split over leaked paper

Standards document stirs up anger among partners

Following the leaking of an internal PricewaterhouseCoopers document calling
for a halt to the harmonisation of US and international accounting standards,
some partners at the firm have taken issue with the sentiments revealed in it.

The paper, which was leaked to the Financial Times attacked the need
to converge international accounting standards and said the International
Accounting Standards Board should focus on its own rules, rather than focus on
aligning itself with US standards.

However partners outside the UK, as well as some in London, back the creation
of a single set of global standards putting them at odds with UK-based partners
who fear convergence will result in US-style standards.

Yesterday, Rob Ward, the US-based global managing partner at PwC sought to
portray a unified stance saying the firm was ‘fully supportive of international
financial reporting standards’.

But according to the FT, doubts still linger among London-based
partners, with one partner quoted as saying: ‘We may end up with a single view.
Or we may say that viewed from one side of the Atlantic it looks like this, and
from the other it looks like that’.

Related Articles

CogitalGroup announces acquisition of Wilkins Kennedy

Accounting Firms CogitalGroup announces acquisition of Wilkins Kennedy

1w Emma Smith, Managing Editor
Blick Rothenberg acquires Westleton Drake

Accounting Firms Blick Rothenberg acquires Westleton Drake

2w Emma Smith, Managing Editor
IR35 in 2018: what do accountants need to know?

Accounting Firms IR35 in 2018: what do accountants need to know?

2w SJD Accountancy | Sponsored
Top 50+50 UK Accountancy Firms 2018 – entries now open!

Accounting Firms Top 50+50 UK Accountancy Firms 2018 – entries now open!

3w Emma Smith, Managing Editor
It’s not just the potential of women at stake, it’s the potential of accountancy

Accounting Firms It’s not just the potential of women at stake, it’s the potential of accountancy

1m Jean Stephens, RSM International
PwC to net £50m from Carillion insolvency

Accounting Firms PwC to net £50m from Carillion insolvency

1m Alia Shoaib, Reporter
Mercer & Hole makes two new appointments

Accounting Firms Mercer & Hole makes two new appointments

2m Emma Smith, Managing Editor
Sexual harassment – is accountancy next for #MeToo?

Accounting Firms Sexual harassment – is accountancy next for #MeToo?

2m Karen Baxter, Lewis Silkin