World edges closer to global standards

Link: UK principles the answer to global standards?

Both boards issued a memorandum of understanding, citing their commitment to adding a short-term convergence project to their agendas.

The project will bring together proposals for changes to both US and international accounting standards that will produce a mutually agreeable framework for firms across to globe to work within.

The move could re-ignite arguments over rules or principles-based accounting practices, although it is understood that FSAB chairman Robert Herz favours a principles method similar to that used in the UK.

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