Global standard setter examines convergence agenda

CONVERGENCE was again on the agenda for global standard setters, as IASB chairman Hans Hoogervorst addressed a conference in Melbourne today.

Traditionally a top priority of the International Accounting Standards Board, Hoogervorst (pictured) questioned the value of continued efforts to “eliminate narrow differences”.

“In the long run, a dual decision-making process is a very unstable way to work. In practice, it can lead to diverged solutions or sub-optimal outcomes at the very end,” he said.

Speaking at the final International Financial Reporting Standards Federation conference of the year, Hoogervorst highlighted Australia’s commitment to IFRS as one of its earliest adopters.

He touched on the future work and structure of the IASB, concluding: “My commitment to you is to lead an open and responsive IASB, firmly committed to the interest of investors and other users of financial information.”

Related reading

Fiona Westwood of Smith and Williamson.