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13 Nov 2008
Leading figures in the accountancy world have demanded that the IASB retains its independence in the wake of more pressure from Europe to water down fair value rules.
Ian Mackintosh of the Accounting Standards Board, PricewaterhouseCoopers' senior technical partner Peter Holgate, and Deloitte's IFRS expert Ken Wild were three of the signatories in a letter to the Financial Times today.
The European Commission wrote to the IASB and pushed for further changes to accounting standards for financial instruments on top of the recent reclassification of hard-to-value assets. The body wanted to see these amendments put through in time for the year-end financial reporting.
The letter said: 'We have before us a situation that could threaten the independence of international standard setting, the use of proper due process and the future of global financial reporting standards.'
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