Full convergence with the U.S. that would lead to one single set of global accounting standards is no longer achievable, says Hans Hoogervorst, chairman of the International Accounting Standards Board (IASB). He made his remarks at the recent Singapore Accountancy Convention (SAC), according to an article in the Business Times (Singapore).

His remarks come shortly after the IASB published its completed international financial reporting standard (IFRS) on financial instruments, IFRS 9, without the U.S. Financial Accounting Standards Board's (FASB) participation. Although the IASB and FASB worked for years on a converged financial instruments standard, they were unable to agree on a model for impairment. FASB’s standard is expected to be published late this year

"The FASB decided to stick to current American practices and leave the converged position," Hoogervorst says. "It's a pity.”