IASC announces stronger links with regulators...
The International Accounting Standards Board (IASB) will face greater scrutiny in the decisions it makes in order to boost its legitimacy.At a meeting held in New Delhi earlier this month, the trustees of the International Accounting Standards Committee (IASC) Foundation, which oversees the IASB, agreed to changes which will see regulatory authorities play a greater role in the way in which the foundation operates.
In order to achieve this, a monitoring body comprising of leaders from bodies including the US Securities and Exchange Commission, the European Commission and other regulators will be set up to oversee the work of the IASC Foundation.
The change was made in light of recommendations made by the G20 nations at their meeting in November 2008.
Gerrit Zalm, chairman of the IASC trustees, said: "The IASB as an independent standard-setter and the trustees as the oversight body are strengthened by the enhanced governance provided by the link to public authorities through the Monitoring Board.
The new arrangements will help ensure the independence of the IASB, he added.
Recently, the IASB established an action group aimed at dealing with reporting issues arising from the financial crisis.
In order to achieve this, a monitoring body comprising of leaders from bodies including the US Securities and Exchange Commission, the European Commission and other regulators will be set up to oversee the work of the IASC Foundation.
The change was made in light of recommendations made by the G20 nations at their meeting in November 2008.
Gerrit Zalm, chairman of the IASC trustees, said: "The IASB as an independent standard-setter and the trustees as the oversight body are strengthened by the enhanced governance provided by the link to public authorities through the Monitoring Board.
The new arrangements will help ensure the independence of the IASB, he added.
Recently, the IASB established an action group aimed at dealing with reporting issues arising from the financial crisis.
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