BusinessCompany News‘Watered down’ standards could damage convergence – SEC

'Watered down' standards could damage convergence - SEC

Attempts by the European Commission to water down the international accounting standard on financial instruments could endanger moves for global convergence, the Securities and Exchange Commission has warned.

Link: Treasurers slam new hedging standard

The US financial regulator’s chief accountant Donald Nicolaisen warned that further concessions in IAS 39 over the rules on derivatives could damage attempts to align IAS with US GAAP.

Last year the SEC said it would consider dropping requirements for European companies with US listings to produce accounts in US GAAP after 2005, but this proposal could also be damaged by further dilution of the standard, according to Nicolaisen.

‘There are legitimate issues that need to be resolved. It absolutely has to be sorted out. We do not want [the IASB’s proposals] watered down,’ Nicolaisen to the Financial Times.

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