Financial regulators from around the world are setting up a monitoring group that will work with international accounting standards-setters.

Representatives of watchdogs across the globe will meet today with the goal of creating an International Accounting Standards Committee Foundation, IASCF, monitoring group, writes WebCPA.

‘We are pleased at the progress being made in advancing interaction between securities authorities and the IASCF, said SEC chairman Christopher Cox.

A joint statement from the International Organization of Securities Commissions executive committee chairperson Jane Diplock, Japan’s Financial services Agency commissioner, Takafumi Sato and European internal market and services commission, Charlie McCreevy said it was important to ‘strengthen the accountability’ of the foundation.

They said that it was particularly relevant given the increasing adopting of international financial reporting standards across capital markets.

The monitoring group is expected to create a mechanism for interaction between securities authorities and the IASCF.

As part of the contemplated change, the IASCF monitoring group would participate in the selection and approval of foundation trustees, who would regularly report to the monitoring group on their oversight of the International Accounting Standards Board,IASB. The monitoring group will be designed to ensure the independence of the IASB, while reinforcing the public interest oversight provided by the IASCF trustees.