PracticeAuditIASB gets high-level advisory group

IASB gets high-level advisory group

A group of senior representatives from the banking, insurance and accountancy professions across Europe has been set up to advise on controversial issues around international accounting standards.

Link: IAS special report

The group, formed by Paul Volcker, chairman of the International Accounting Standards Committee Foundation Trustees, will focus on providing advice to the International Accounting Standards Board on specific issues relating to the application of standards in financial institutions and the concept of fair-value accounting.

It is hoped that such a group will be able to head off further controversy over the standards to be put in place in the European Union in 2005. The row with European Bankers over the standards on financial instruments, and particularly the treatment of derivatives, still threatens to derail the IASB’s project.

The finalisation of IAS 39 and 39, said Volcker, ‘will not resolve the broader issues concerning the use of “fair value” accounting, particularly for regulated financial institutions’.

‘It is both the Trustees’ and the IASB’s hope that the establishment of this high level advisory group will mark the first of many steps taken by the IASB aimed at developing a consensus on these difficult conceptual issues,’ he added.

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