FEE urges new approach to setting global standards
18 Jul 2009
FEE (Federation des Experts Comptables Europeens – Federation of European Accountants) has issued a policy statement on financial reporting confirming its views that a single set of global accounting standards is needed, but concluding that convergence should no longer be a key driver in the financial reporting debate.
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We are now in a period of diminished returns from further convergence due to the rapid increase in complexity, without hardly any additional benefit to investors that arises when seeking to eliminate increasingly smaller differences between IFRSs and other standards. The IASB should now change its strategy and concentrate exclusively on major improvements and simplifications in IFRS over the medium term. To this end, it should work together with standard setting bodies from around the world, so that all stakeholders can be fully engaged and ensure that the quality of IFRS is not compromised. |
- FEE Policy Statement (PDF 299k)
- FEE Press Release (PDF 32k)
