Accounting firms in the UK could be given opportunities to share expertise with the US, according to one expert.
Mark Allison, chairman of the International Accounting Standards Board, has told Scotland on Sunday that expertise is needed to help firms in North America to switch to International Financial Reporting Standards (IFRS) as currently used in the UK.
Countries including the US, Canada and Mexico are set to transfer to IFRS from their local variations, with various deadlines set for the shift.
The moves are hoped to create an increase in consistency and transparency in international accounting.
Mr Allison said the fact that accounting firms in the UK will "share a common language and culture" with their US counterparts means that there could be opportunities to "provide expertise".
Robert Herz, chairman of the US Financial Accounting Standards Board, recently told Reuters that it could take a long time to implement IFRS in the US, claiming that it could result in more effort than is currently presumed.
Mark Allison, chairman of the International Accounting Standards Board, has told Scotland on Sunday that expertise is needed to help firms in North America to switch to International Financial Reporting Standards (IFRS) as currently used in the UK.
Countries including the US, Canada and Mexico are set to transfer to IFRS from their local variations, with various deadlines set for the shift.
The moves are hoped to create an increase in consistency and transparency in international accounting.
Mr Allison said the fact that accounting firms in the UK will "share a common language and culture" with their US counterparts means that there could be opportunities to "provide expertise".
Robert Herz, chairman of the US Financial Accounting Standards Board, recently told Reuters that it could take a long time to implement IFRS in the US, claiming that it could result in more effort than is currently presumed.
