IASC hopes restructuring will give greater strength

Supporters of international standards, including many prominent UK accountants, see the US Securities and Exchange Commission as a potential block in the move towards the acceptance of a worldwide accounting code.

Some feel that it favours trying to impose its own standards on the rest of the world.

Sir Bryan Calsberg, secretary general of IASC, however, was confident that the move would improve the chances of US support. He said: ‘As an independent body the SEC now has greater confidence in us.’

He added: ‘We hope the SEC will give greater acceptance of IAS. It’s everybody’s hope.’

Publication of the results of a consultation exercise on international standards carried out in the US by the SEC is expected in two or three weeks.The IAS Committee is hoping that the recent endorsement of IASs by Iosco, the international stock market regulators club in Sydney two weeks ago, will add weight to their cause.

IFAC president Frank Harding said: ‘I was in Sydney was the announcement was made that Iosco was endorsing IASs . It was a major coup and there was considerable exitement.’

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