RegulationAccounting StandardsFASB calls for ‘global mechanism’ to prevent localised IFRS

FASB calls for 'global mechanism' to prevent localised IFRS

Chairman of the Financial Accounting Standards Board, Robert Herz, says national plan is needed to move US companies to 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
reported.

‘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
exemptions.

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 Articles

Demystifying GDPR for accountants

Accounting Standards Demystifying GDPR for accountants

2w 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

5m 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