Monday, July 12, 2010

Limiting the scope of Standards

Fernando Restoy, Chairman of CESR-FIN, has given a remarkably candid speech about convergence, governance and - most notably - the link between accounting and other regulation to the eponymous recent IFRS conference. It is certainly going too far to list him as a supporter of our recent hypothesis, but his closing reference to the "somewhat excessive scope of the standards" certainly points in the same direction, especially when read in conjunction with Sir David's idea of a regulatory income account, which is probably little else than a reconciliation item between RAAP and IFRS.

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