PracticeConsultingTweedie warning for ASB successor

Tweedie warning for ASB successor

The new Accounting Standards Board and its chairman must be powerful enough to stand up to the USA and the global standard setting board, according to the outgoing ASB chairman, Accountancy Age reported today.

ASB chairman Sir David Tweedie’s comments came just weeks ahead of the announcement of the board’s new chairman. ‘We need a strong ASB debating the issues, taking on the Americans, taking on the IASC,’ Sir David said, dismissing concerns over the future role of the UK’s standard setter.

There is growing concern that the US Securities and Exchange Commission’s arguments, and those of the International Accounting Standards Committee, where Sir David takes over as the new secretary general, would overshadow any debate on the development of global accounting rules.

Sir David urged the new board and its chairman to ‘get in early’ in order to shape the direction. ‘It should not always be the IASC versus the Americans.

That would be pretty unhealthy. ‘I see the ASB being a major force in Europe, helping shape European ideas on the IASC debate and being the conduit for the views of the UK on the international debate.’

A number of UK standards, such as leasing and stock options, have become accepted international standards. Sir David said he hoped this would continue.

But, he said, ‘only the best arguments win’, and forewarned about the stiff competition the UK board would face in putting forward its ideas to the ‘toughies’ on the IASC board.

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