FASB calls for ‘global mechanism’ to prevent localised IFRS

The US standard setter has urged for the creation of a ‘global mechanism’
that would prevent countries adopting localised versions of IFRS.

Robert Herz, chairman of the Financial Accounting Standards Board, made the
comments at a Financial Executives International Conference in New York, while
he was speaking about a national plan to move US companies to IFRS, Reuters

‘Our belief is that this country should be moving toward IFRS,’ said Herz.
‘But if we’re going to go ride the IFRS horse, we want to make sure that it is
secure, sustainable and there for the long run.’

Although more than 100 countries have adopted or are in the process of
adopting IFRS, many have also localised the rules to allow exceptions and some

The EU has particularly come under fire for its version of IFRS, which has
been approved by the EU parliament.

Further reading:

IASB seeks overseer for its decisions

Herz calls for calm approach in IFRS convergence rush

Related reading

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