PracticeAuditIsrael to suspend standards board

Israel to suspend standards board

The chairman of Israel's accounting standards board has reportedly recommended that the body suspend its activities.

Link: Tax payments to Palestinians frozen

According to the Globe, the Israeli business daily, chairman Eli Amir wants the board’s activities suspended until they are ‘anchored in law’.

Israel’s ASB was set up in 1998 by the Israel Securities Authority and the Institute of Certified Public Accountants in Israel to replace the Financial Accounting Standards Board.

The call for suspension is based on the belief that legislation to give the ASB legal standing has not yet been enforced, meaning its standards are open to attack. Already a number of its standards are being challenged.

The Israel Securities Authority is believed to be pressing for legislation to give the ASB the backing it requires, but this would take many months and would begin only after the general elections and after the newly elected parliament – the Knesset – convenes.

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