IFRS Foundation chair slams 'tweaks' to global rules _ Accountancy Live

IFRS Foundation chair slams 'tweaks' to global rules _ Accountancy Live

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2/1/2014 IFRS Foundation chair slams 'tweaks' to global rules | Accountancy Live http://www.accountancylive.com/croner/jsp/Editorial.do?channelId=-601061&contentId=2827686 1/2 12/11/13 Pat Sweet Home > Accounting > Law & regulation IFRS Foundation chair slams 'tweaks' to global rules Michel Prada, chairman of the IFRS Foundation Trustees, has warned against individual countries trying to influence IFRS standards to match their specific needs, saying they must accept that adopting IFRS means committment to a single set of global standards and will not be able to maintain local GAAP. Speaking at the Financial Accounting Standards Foundation in Tokyo, Prada said while he acknowledged that adhering to a single set of global standards was ‘difficult and sometimes unpopular’, he stated ‘there really is no alternative.’ Prada described the desire to ‘tweak’ the IFRS standards to better reflect local preferences or accounting traditions within a particular jurisdiction as ‘a form of nostalgia accounting’. He said that
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IFRS Foundation chair slams 'tweaks' to global rules _ Accountancy Live

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