The signatories represent UK preparers, auditors, and users of accounts and include Ken Wild, head of Deloitte's IFRS Global Office. Copies of the letter were sent to the European Commission and the IASB.

The EU has the ability not to accept international standards for use in Europe, or to change them. We strongly believe that these powers should only be used in the most exceptional circumstances and that the present situation does not justify their use. We would not support another carve-out.

IFRS is becoming the world's global accounting standard, and the EU has played a very important part in this convergence. If Europe in any way adopts its own version of IFRS, we not only lose the advantages of global comparability, we also risk detaching ourselves from this global movement and sacrificing our position of influence for one on the sidelines, just at a point when the global economy needs strong leadership in all areas, including accounting.

Click to view the letter (PDF 12K).