RegulationAccounting StandardsCall to speed up IFRS move

Call to speed up IFRS move

CIMA chief executive calls for IFRS convergence to be accelerated to ensure transparency in financial reporting

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,
slow.’

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
accounting.

For more go to cima.global.com

Related Articles

Demystifying GDPR for accountants

Accounting Standards Demystifying GDPR for accountants

7d Ellen Temperton, Lewis Silkin
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
The great professional services shake-up

Accounting Standards The great professional services shake-up

3m Fergus Payne, Lewis Silkin
What do clients actually want from an accountant?

Accounting Standards What do clients actually want from an accountant?

4m Emma Smith, Managing Editor
Accountants shouldn’t neglect hybrid mismatch anti-avoidance rules

Accounting Standards Accountants shouldn’t neglect hybrid mismatch anti-avoidance rules

4m Alison Conley
Membership of the accountancy profession on the rise

Accounting Standards Membership of the accountancy profession on the rise

5m Alia Shoaib, Reporter
The real price of mates' rates in the provision of professional services

Accounting Standards The real price of mates' rates in the provision of professional services

5m DAC Beachcroft
IASB overhauls insurance accounting with issuance of IFRS 17

Accounting Standards IASB overhauls insurance accounting with issuance of IFRS 17

7m Alia Shoaib, Reporter