The International Accounting Standards Board would no longer pursue convergence with its US peer as “an objective in itself”, its oversight body said on Monday, in a fresh sign of waning consensus on accounting rules. The IASB, which sets standards for most of the world outside the US, was nominated by the G20 to oversee development of a single accounting standard by mid-2011. But regulators and accounts say that politicisation of the accounting process will make it hard to achieve convergence of US and international standards.

This entry was posted by Gwen Robinson on Tuesday, February 16th, 2010 at 4:51 and is featured in The 6am Cut London (16 Feb 2010) . Tagged with IASB. Edit this entry.