Major accounting firms united in support for convergence of IFRSs and US reporting standards
09 November 2006
The six biggest international audit networks have issued a report setting out their shared view of the steps that must be taken to strengthen financial reporting and the audit function. To benefit the global financial markets and their stakeholders, the report urges completion in the near term of current convergence processes, notably ‘the effort by the International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB) to harmonize differences between international and U.S. reporting standards, as currently envisioned. Complex rules must be resisted and withdrawn.'
To view the report click here