Convergence won't take place "at all costs": Tweedie
IASB say it will not compromise standards
IASB say it will not compromise standards
International Accounting Standards Board (IASB) chief has said he will not converge with US rules “at all costs”, Reuters reports.
The US Financial Accounting Standards Board (FASB) and IASB have tried to harmonise their two accounting treatments to enable America to take on international standards.
The boards’ treatments diverge on a number of key issues however including their controversial fair value provision, which forces companies to value assets at market prices.
Speaking in Sao Paulo, IASB chairman Sir David Tweedie told reporters said he would not compromise IASB standards to move to the FASB position.
“Ultimately, we have to speak for the international community. If we disagree with FASB, we have to do what we think is right,” Tweedie said.
“We can’t converge at all costs. At present, (FASB) wish a much (less rigid concept of) fair value that we believe the rest of the world would accept or even think is appropriate.”
He also rebuked European critics of the fair value rule, saying they do not speak for the international community.
“We can’t keep changing (the accounting rules) for one particular part of the world… We cannot always allow Europe to tell us what to do. This is global. We are the IASB, not the European accounting standard board,” he said.
Read the full story: IASB plans no fair value changes for EU-chairman
More about:
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourcePlans laid out for Indonesia to achieve IFRS convergence Read More...
View articleEvolution of accounting rules could mean struggling companies have nowhere to hide, explains Rick Martin Read More...
View articleICAS chairman Sir David Tweedie dismisses view that accounting rules prevent banks adequately provisioning for future loan losses Read More...
View articleAnton Colella and Sir David Tweedie got their laughing gears working last night at the Scottish institute's annual dinner Read More...
View articleArchitect behind IFRS is to head body that sets international standards for the valuation of assets and liabilities Read More...
View articleProhibiting the use of fair value would cause many derivative financial instruments to be taken off the balance sheet Read More...
View articleSir David Tweedie warns that US elections could put convergence back ten years Read More...
View articleFair value accounting and weak regulation contributed to RBS's failure during the financial crisis, the FSA has concluded Read More...
View article