The future role of national standard setters was this week thrust to the fore as the momentum increased to adopt global standards ahead of 2005 at the IAS Committee meetings in Brussels.
Concerns have arisen following the restructuring of the IASC, which no longer allocates its seats by country but by technical expertise.
Sir Bryan Carsberg, secretary general of IASC and conference chairman, said: ‘I think the EC would have preferred to retain the previous IASC structure in regard to country seats.’
Technical partner at Deloitte & Touche Andrew Simmonds, had kick started the debate during his speech to around 200 delegates at IASC conference in Brussels.
He suggested that national standards-setters could focus on non-listed companies, but added he would probably not encourage anyone to take up the role of the next Accounting Standards Boards chairman in such uncertain circumstances.
His comments came despite deputy president of the Federation of Accountants Goran Tidtrom saying the ASB was the best-placed standard setter in Europe.
Another suggestion was that all domestic standard setters could pool their resources and work together.
But Liesel Knorr, secretary general of the German Accounting Standards Board, was not convinced by this approach.
‘We cannot have the capital markets dictate are needs,’ she said.