Former FASB chairman urges generalised IASB standards

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04 May 2001

Former FASB Chairman Dennis R.

Beresford, writing in Accountancy Age, is concerned about the trend, particularly in the US, to have a "detailed accounting rule for everything, no matter how narrow or obscure the issue.... Accountants should encourage the new IASB to emphasise a principles-based approach. Further, as part of the commitment to convergence, it is time for the FASB and SEC to change their behaviour and become more like the rest of the world."

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