RegulationAccounting StandardsStandard chiefs to get new global monitors

Standard chiefs to get new global monitors

Watchdogs to set up new monitoring group to look at accounting standards

Financial regulators from around the world are setting up a monitoring group
that will work with international accounting standards-setters.

Representatives of watchdogs across the globe will meet today with the goal
of creating an International Accounting Standards Committee Foundation, IASCF,
monitoring group, writes
WebCPA.

‘We are pleased at the progress being made in advancing interaction between
securities authorities and the IASCF, said SEC chairman Christopher Cox.

A joint statement from the International Organization of Securities
Commissions executive committee chairperson Jane Diplock, Japan’s Financial
services Agency commissioner, Takafumi Sato and European internal market and
services commission, Charlie McCreevy said it was important to ‘strengthen the
accountability’ of the foundation.

They said that it was particularly relevant given the increasing adopting of
international financial reporting standards across capital markets.

The monitoring group is expected to create a mechanism for interaction
between securities authorities and the IASCF.

As part of the contemplated change, the IASCF monitoring group would
participate in the selection and approval of foundation trustees, who would
regularly report to the monitoring group on their oversight of the International
Accounting Standards Board,IASB. The monitoring group will be designed to ensure
the independence of the IASB, while reinforcing the public interest oversight
provided by the IASCF trustees.

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