Reuters reported that the London-based Institute of Chartered Accountants in England and Wales (ICAEW) called for the first time for the International Accounting Standards Board (IASB), whose rules are used in over 100 countries, to end a decade-long “convergence” project with its U.S. counterpart, the FASB.

The article quoted Nigel Sleigh-Johnson, head of the ICAEW’s financial reporting faculty, as saying, “It is better that the IASB and FASB boards issue separate standards, than deliver unsatisfactory compromise solutions or do nothing at all.”

To read the full Reuters article click here.

Previously on monitordaily: Accounting Today: FASB, IASB Chairs Air IFRS Disagreements, published December 5, 2012