Inexperience and staff turnover at the international standard setter have
been cited as reasons for the derailing a project to overhaul problematic
The rules, attacked recently for allowing risky structures to be kept off the
books of lenders, have been described by the International Accounting Standards
board as ‘irretrievably broken’, the
However an IASB report made candid admissions about how the project to
overhaul current off-balance sheet rules lost momentum because of staff turnover
and ‘relative inexperience’.
It also recommended the urgent appointment of a senior figure to take charge
of the project.
‘We cannot afford the luxury of waiting for the newly assigned staff to get
up to speed,’ the report said.
The report further admitted that an overhaul of the rules would not be
possible in the near future.
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