Mario Christodoulou, Accountancy Age, Monday 12 July 2010 at 09:53:00

Convergence timetable "not sufficient" according to Big Four auditor

PwC has urged the International Accounting Standards Board to slow it?s?aggressive? convergence timeline.

The Big Four auditor has weighed into the accounting debate with a call forrestraint as the IASB and its US counterpart, the Financial Accounting StandardsBoard, move towards a June 2011 deadline to converge the bulk of US andInternational accounting rules.

The two boards have already decelerated their convergence timetable earlierin the year following concerns from accounting institutions and corporationsabout the potential unintended consquences of rushed accounting rules.

But PwC has urged further restraint.

?We continue to believe that the boards' objectives of issuing high qualitystandards will necessitate a more measured pace,? the body said in a shortstatement.

?Recognising the inherent need to balance speed to completion and effortsaimed at enhancing quality, we believe the targeted time periods in the boards'recent release are not sufficient.?

Further reading

Canhigh quality standards be issued in the timeframe proposed?

IASBgives "no guarantee" of full US accounting convergence