The adoption of international financial reporting standards remains a goal worth striving for, despite resistance from some financial authorities, said industry officials at an accounting event in Hong Kong. Some regional central banks and regulators were reluctant to adopt global accounting rules, they said. "While we got a great deal of support from regulators, perhaps the most pushback [to IFRS] came from our central bank," said Mohammad Faiz Azmi, chairman of the Malaysian Accounting Standards Board (MASB). "Ultimately, they came on board with their regulations," he told attendees during a panel discussion on the global transition to IFRS via convergence. Azmi, who also serves as executive chairman of PwC in Malaysia, was speaking at the 7th IFRS Regional Policy Forum hosted by the Hong Kong Institute of Certified Public Accountants (HKICPA). Regulators want an authoritative view A key concern among some financial regulators is to have a clear, definitive view about what
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