Ian Mackintosh, vice-chairman of the International Accounting Standards Board, described some of the failures of the convergence process with the Financial Accounting Standards Board in a speech Wednesday, insisting that wholesale adoption of International Financial Reporting Standards is preferable to convergence.
In a speech at a joint conference of the IFRS Foundation and the South African Institute of Chartered Accountants in Johannesburg, Mackintosh discussed how global accounting standards are an inevitable consequence of the process of continued economic globalization. He argued that IFRS is in the best position to provide those standards, with more than 100 countries, or about four-fifths of the nations in the world, now mandating the use of IFRS. Momentum towards IFRS adoption is continuing in most of the remaining countries, Mackintosh noted, citing recent developments in India, Japan and Singapore.
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