Call to speed up IFRS move

Charles Tilley, CIMA chief executive

Charles Tilley, CIMA chief executive

Charles Tilley has called for IFRS convergence efforts to be accelerated to
ensure transparency in financial reporting.

SEC proposals are to
achieve IFRS convergence for all US listed companies by 2014, with the final
decision made in 2011.

Tilley, CIMA chief executive, said: ‘I think it’s very disappointing that
it’s that far out. I got the impression from talking to Canadian and US
counterparts that waiting for three years to take the decision is very, very,

He added: ‘The big question mark is whether the US can handle a system of
accounting standards given their liability regime and are we comfortable having
more rules, given we are focused upon principles?’

That question is still very much in the open.’

He also highlighted the clash between the rules and principles-based forms of

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