Accountants caught up in knife-edge negotiations in Brussels last week on the adoption of global accounting standards say it was the “best of times and the worst of times”.
Global convergence of accounting standards, the holy grail of capital markets investors and the accounting industry since even before the Enron scandal, seemed tantalisingly close as the International Accounting Standards Board (IASB) released new rules for use in more than 110 countries outside the US.
