EU sees room to improve IASB governance

Sir David Tweedie, chairman IASB

Governance of the International Accounting Standards Board still needs to improve and only when it does will it cease to be a political, according to an EU official.

Reuters reports that David Wright, deputy head of the European Union's internal market commission said that there was still "much work to be done" on IASB governance.

The agency reports Wright claimed that finalising the governance structure was a key element in "depoliticising" accounting standards.

Wright was appearing before a commission heariong on accounting and auditing.

Governance of the international standard setter was reformed with the introduction of a monitoring board in January 2009 which introduced a fresh level of oversight by other regulators.

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