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.
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