PracticeConsultingG4+1 group to be disbanded

G4+1 group to be disbanded

The G4+1 group of global standard-setters today announced its intention to disband and cancel all future projects.

The news followed the announcement of 14 new board members on the revamped International Accounting Standards Board, chaired by Sir David Tweedie, which will carry on where the G4+1 group left off.

Under the new structure of the IASB it was agreed there were sufficient safeguards to ensure input from the world’s leading national standard-setting bodies without allowing the IASB to sit in an ‘ivory tower’.

Costs and concerns over duplicated projects also led to the decision to disband the group.

G4+1 comprises standard-setters from Australia, Canada, New Zealand, the UK and the USA, as well as representatives from the global standard setters’ committee.The G4+1 meeting in London between 30 January and 1 February marked the last the group will have.

Group members reaffirmed their commitment to pushing for convergence of national standards and their support for IASB.

A summary of the group’s projects to date and various case studies to illustrate the potential implications of differences identified are expected to be published shortly.

Links

New chiefs for global standards-setter

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

3m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

9m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

10m Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

11m Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

11m Stephanie Wix, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

10m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

10m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

10m Kevin Reed, Writer