PracticeAuditTweedie in investor showdown over IFRS 8

Tweedie in investor showdown over IFRS 8

IASB chairman squares up to investors over 'dumbing down' of standards criticism

Sir
David Tweedie
, chairman of the IASB, has come under intense
pressure from investors for allegedly trying to ‘dumb down’ UK accounting
standards by introducing new rules that would give chief executive un-harnessed
power.

The NAPF , IMA and ABI
pushed Tweedie to scrap the regulations, known as IFRS 8, but according to the
Sunday Times Tweedie wrote letters to all these organisations rejecting
their objections on the grounds that they were received too late.

IFRS 8 has already been prepared for ratification by the European Commission,
but investors are so furious that they are preparing to go over Tweedie’s head
and appeal directly to the
European Commission
to have IFRS 8 wiped out.

Further reading:

Accounting rules for SMEs published

Our principles are being eroded

FSA launches attack on convergence efforts

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