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.
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