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Non-Knights Don’t Think Rule Convergence Is All That Important

Thumbnail image for tweedie_knight_jpeg.jpgNot everyone is as hung up on converging U.S. GAAP and IFRS as Sir David Tweedie.
As you may recall, Tweeds delayed his retirement in order to see the rules copulate and bring forth debit and credit harmony.
As admirable as his commitment to the project is, not too many people share his enthusiasm:

A survey by CFA Institute , an international association of more than 16,000 investment professionals, showed that three quarters of respondents believe that improving standards so they are more useful for making investment decisions is “at least as important if not more important” than reducing complexity or convergence.
While respondents generally support convergence, only 6 per cent of those surveyed, including research analysts, portfolio managers, corporate financial analysts and accountants, believe converging the International Accounting Standards Board and its US rival should be the primary objective.

It’s bad enough that Tweeds gets hassled by non-knighted clowns that don’t know a debit from their ass but now there’s a survey out there that says his pet project isn’t that important.
Plus, the SEC doesn’t seem too hung up on it and the FASB has its own problems. Has double-entry chivalry lost all its meaning?
Investors cool on audit convergence [FT]