Michel Prada, chairman of the IFRS Foundation Board of Trustees, which oversees the International Accounting Standards Board, took countries like the U.S. and Japan to task for taking what he called an “à la carte” approach to accounting standards by not fully embracing International Financial Reporting Standards.
In a speech Tuesday at a meeting of the Financial Accounting Standards Foundation in Tokyo, Prada pushed back against efforts by countries to continue using their own national accounting standards at the expense of IFRS. He reviewed the history of the IASB’s predecessor organization, the International Accounting Standards Committee, or IASC, which had allowed countries to use international standards as merely a “reference” for their own domestic accounting standards, similar to an à la carte menu in a restaurant. Different jurisdictions could pick and choose the aspects of the international standards they liked or develop their own alternatives when they disagreed with the international approach.
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