IASB says it is independent of corporate influence
Global standard setter, the International Accounting Standards Board, claims its decision not to release the names of its corporate backers is not an attempt to be secretive.
Global standard setter, the International Accounting Standards Board, claims its decision not to release the names of its corporate backers is not an attempt to be secretive.
Demands for details of funding of the IASB, which will set accounting rules for European listed companies by 2005, follows fears that the body might be vulnerable to ‘influence-buying by big business’.
This fear was heightened after US senator Carl Levin claimed to have received an email, suggesting collapsed energy company Enron, wanted to donate money to the board to influence its policies the FT reported today.
But the organisation has been quick to deny any such vulnerability and said it wanted to disclose the names and would address the issue at its next trustees meeting in March.
Sir Sydney Lipworth, a member of the executive committee of the board’s trustees, told the paper: ‘I not sure we have yet discussed with our donors the extent to which they are prepared to be named’ and added that the issue of publicity had not been raised when approaching companies for money.
Corporate donors provided nearly two thirds of $18m used to fund the IASB in 2001.
The board says its independence is not under threat as its standard-setters are seperate from the trustees who raise funding.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articlePwC's decision to delay promotions in its graduate scheme, affecting around 100 graduates, is a response to reduced client demand and the aftermath of...
View articleTraditionally, audit schedules have been prepared manually, consuming significant time and resources. However, with the advancements in Artificial Int...
View articleThe FRC is promoting initiatives to foster a more competitive market, following recent high-profile accounting scandals. Read More...
View articleOn January 27, it was reported EY had quit as auditor to Asda amid one of its senior partners starting a romantic relationship with billionaire chief ...
View articleDespite the increased interest in AI and ML, only 12% of respondents indicate their organisations have adopted AI and ML within their audit functions....
View articleAs the government's independent investigation progresses, it is hoped that a clearer picture will emerge, leading to meaningful reforms within the aud...
View articleThe proposed enhancements, including the focus on material misstatements arising from non-compliance, the introduction of a risk assessment process, a...
View article