The International Accounting Standards Board (IASB) has stated that it is no longer actively seeking to converge with its US counterpart.
At present, more than 100 countries around the world either make use of, or are on course to adopt, the International Financial Reporting Standards.
And, it had been hoped to bring the US into this group, with the IASB having been tasked with overseeing the development of a single global accountancy standard by the end of 2011 at the latest.
However, it has now been revealed that such convergence with professionals in American accountancy jobs is no longer an aim in itself.
A statement released by the IASB noted: "The constitution will emphasise that convergence is a strategy aimed at promoting and facilitating the adoption of IFRS, but it is not an objective by itself".
At the same time, the newly-revised constitution, which comes into effect at the start of March, will also see the introduction of three-yearly public consultations on the IASB's technical agenda and the introduction of 'improved language' to make accountancy processes more accessible to a range of stakeholders.
At the end of 2009, the IASB welcomed the news that the Japanese Financial Services Agency (FSA) is to permit those in accountancy jobs in the country to make use of IFRS standards over the next financial year.
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