Investors want more say in standards

The Association of British Insurers and The Investment Management
Association, two of the most influential investor groups, want more say in how
accounting standards are developed.

The Financial Times reports that two groups have stepped up their
collaboration on accounting in an effort to exert more influence on

‘It is important that we make our views known,’ ABI director of investment
affairs told the FT. ‘We are, after all, the main users of accounts. If
we don’t, the debate can become dangerously theoretical.’

Standard Life Investments, meanwhile, has issued a letter to the UK’s
Accounting Standards Board asking that the body garner more views on IFRS from
investors as it provides feedback on the standards to the IASB.

The ABI and IMA have submitted similar letters to the IASB. The IASB has
expressed frustration with this situation as investor groups have not
articulated their specific requirements.

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Fiona Westwood of Smith and Williamson.