Top U.S. accounting standard-setters are making clear they want to be part of a new panel to help shape international accounting rules, but they may fall short of a key membership condition. Requiring panel members to commit to a single set of global accounting standards would exclude the United States, which has not yet decided to switch to international rules, the U.S. Financial Accounting Foundation said in a letter on Thursday.
The letter came amid mounting pressure from European countries for a greater say in the way international accounting rules are set. Excluding the United States from a new forum could limit U.S. influence over international standards, eventually causing bigger differences between U.S. and international rules.
The International Accounting Standards Board (IASB), which writes rules used in over 100 countries, has been working with the United States for a decade to align U.S. and international rules, with scant progress to date.
In November, the IASB
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