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ACCA Warns About Political Interference in IFRS

Global Glimpses | August 3, 2009

Leaders of the G20 nations must underline their commitment to a single set of global accounting standards when they meet in Pittsburgh this September, or unease about the future of International Financial Reporting Standards (IFRS) will grow, according to a policy paper from the Association of Chartered Certified Accountants.

The London-based body warned that “political interference in the standard process is more prevalent” and it was causing growing uncertainty around the future of the IFRS project.

The ACCA said that some European countries were pushing the European Union to gain exemptions from IFRS, a move that it said “would be a serious step backwards.” But it noted that the EU had already persuaded the International Accounting Standards Board to revise its rules on fair-value accounting.

The ACCA said there...

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