IASB shake-up announced
News Article - Wednesday, July 23, 2008
filed under: Industry
The International Accounting Standards Board (IASB) is to undergo changes to its membership and governance following recent criticism from the EU.
Boosting accountability and transparency is key to the shake-up, which has been proposed by the organisation's parent body the International Accounting Standards Committee (IASC) Foundation.
The recommendations appeared in Review of the Constitution: Public Accountability and the Composition of the IASB - Proposals for Change and include setting up a monitoring group made up of public authorities and international organisations.
Among their duties will be overseeing the appointment of the foundation's trustees.
Membership of the IASB is also expected to increase from 14 to 16 under the new changes to expand geographical diversity.
In related news that may interest firms looking to install accounting software, the IASB is refusing to climb down on its much-criticised "fair value" standards despite pressure from banks, reports the Daily Telegraph.
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