RegulationAccounting StandardsAccountancy big hitters say IASB must stay independent

Accountancy big hitters say IASB must stay independent

Calls made for the IASB to retain its independence in the wake of more pressure from Europe to rejig fair value rules

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.’

Further reading:

IASB
confirms new reclassification rules

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