RegulationAccounting StandardsCampaigners attack IASB award

Campaigners attack IASB award

One World Trust receives a formal complaint about identifying the IASB as a high performer in global accountability stakes

Campaigners have attacked the International Accounting Standards Board over
its communications, despite the standardsetter being given an award for
transparency.

The One World Trust received a formal complaint about the IASB report into
NGOs and its accountability this week.

In the 2007 Global Accountability Report, the International Accounting
Standards Board was identified as a ‘high performer’, ranking a first for
evaluation and second for transparency by the trust ­ a body that credits
transparency and accountability of global organisations.

But the IASB has had a torrid year, with critics from the investor community
worried it is not listening and a two-pronged attack from both political
campaigners and investors over the segmental reporting standard IFRS 8.

It has even seen the European Parliament criticise the IASB for not listening
to its constituents.

Richard Murphy, a key figure in the criticism of IFRS 8, has complained to
the trust, as has Prem Sikka, professor of accounting at Essex University.

One of the authors of the report, Michael Hammer, said the report was about
systems rather than necessarily about performance.

‘The report is about capability, not necessarily about the practice element
itself,’ said Hammer.

Hammer added that the trust would consider the points raised by Murphy. ‘We
will look at the criticisms levelled if an organisation feels that what we’re
portraying is not actually what the organisation is like,’ said Hammer.

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