View Full Version : Global accounting accord 'on edge'

mick silver
5th November 2008, 17:55
AN international showdown is looming between the European Union and the body charged with uniting the world under one set of accounting rules.

At stake is national pride, international credibility, and the valuation of billions of dollars of assets held by banks around the world.

At its centre is the International Accounting Standards Board, a London-based group that has worked for seven years to progress the cause of international accounting standards. So far, almost 100 countries "use or co-ordinate with" the standards, including Australia, South Africa and the EU