Accountancy 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

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource