This morning we learned that the ICAEW gave up, refusing to go along with the lie that the IASB has been telling itself all this time — "They'll call. They'll realize that they've been wasting their time with U.S. GAAP all this time and they'll call."
Those chartered accountants in England and Wales simply couldn't stand it any longer, listening to the rationalization from the IASB that its desire to converge standards with the U.S. would finally happen. They've heard the U.S.'s promises that things will be different, heard the threats, and even listened to the IASB's own doubts.
But after ten years, the ICAEW is sick of watching the IASB embarrass itself and finally said, "WAKE UP, THEY'RE NEVER CALLING."
Realizing that it's definitely a hard pill to swallow, the Brits are trying to divert the IASB's attention to more attentive suitors:
The International Accounting Standards Board should stop trying to get the U.S. to adopt its standards and instead focus on China and other countries that are more willing to follow the rules, a U.K. group said. The era of convergence between U.S. and international standards “should be ended formally in a matter of months” the Institute of Chartered Accountants in England and Wales said in an e-mailed report. The IASB should look at “countries that have moved their standards close” to its proposals, known as IFRS.
You see? There are perfectly good countries RIGHT IN FRONT OF YOU that would be grateful for your principle-based accounting standards. It's time to move on.
Accounting Board Should Focus on China Over U.S., ICAEW Says [BBW]