Convergence won’t take place “at all costs”: Tweedie

Convergence won't take place "at all costs": Tweedie

IASB say it will not compromise standards

Sir-david-tweedie-iasb-chairman

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

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In 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 resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In 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 resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The 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 resource