IFRS convergence must go on, says ACCA chief executive

ACCA chief executive Helen Brand has insisted that the push towards IFRS convergence must continue, adding that it would be 'disastrous' if years of effort were wasted because of political reasons. Brand's comments follow the International Accounting Standards Board's (IASB) ECOFIN meeting in Luxembourg on 9 June, at which Sir David Tweedie outlined IASB's ongoing activity. 'ACCA supports the development of global accounting standards and endorses independent standard setting as the main means by which this is being advanced,' said Brand.
'There is an urgent need for a new standard on financial instruments. The current standard IAS 39 can produce overly complex financial statements and is difficult to apply. IAS 39's various amendments and options have reduced comparability between financial statements. 'The new standard should, if at all possible, be jointly developed by the IASB and the US standard setter to assist with acceptance and comparability. Proper due process and adequate consultation are also vital for this even when the need for a standard is urgent. We support the timeline proposed by the IASB and look forward to contributing to the development of this replacement standard when the exposure draft is published in July.'
For further information please contact: Andrew Swailes, ACCA Newsroom +44 (0)20 7059 5823 +44 (0)7525 392535 andrew.swailes@accaglobal.com