The accounting watchdog's chief has called the International Accounting Standards Board's (IASB) lack of progress in pushing forward the convergence programme with the US Financial Accounting Standards Board (FASB), a 'failure'. 'It does represent a failure to an extent,' Stephen Haddrill, CEO of the Financial Reporting Council (FRC) said of the 10-year effort which has just come to an end without either the intended convergence or adoption of a single global set of accounting standards.
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