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FT urges IASB approach to accounting standards

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19 Feb 2002

The Financial Times has been running a series of special reports, After Enron - Agenda for Reform 2002.

One report, Honest Numbers Require Robust Rules and Policing, suggests replacing US national GAAP with IAS:

The reform that is needed, therefore, leads away from US Generally Accepted Accounting Principles' very detailed prescriptions towards the approach of the new standards devised by the International Accounting Standards Board. The IASB approach, which emphasises substance over form, has been treated with mild suspicion in the US. But the Enron case, by revealing the limits of the prescriptive approach, has given impetus to the case for replacing national standards with IASB ones, or at least with rules sympathetic to the IASB framework.

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