PracticeConsultingIFAC Conference – Independence gives boost to standard setters as

IFAC Conference - Independence gives boost to standard setters as

A common global accounting code came a step closer this week when members of the International Federation of Accountants gave the body responsible for setting international accounting standards independence for the first time. IFAC members, which include 150 professional bodies representing around two million accountants worldwide, gave final approval to a new constitution for the International Accounting Standards committee at the conference, held in Edinburgh. A new board will have sole responsibility for setting standards and will comprise of fourteen members chosen for technical expertise, not their nationality as previously. Twelve members of the team will be full-time. Board members will have to renounce all other professional obligations. The board will be overseen by a new 19-strong group of trustees, headed by Paul Volcker, former chairman of the US Federal Reserve. His colleagues are from business, academia and standards-setting, and include Sir Sydney Lipworth, chairman of the UK Financial Reporting Council. IAS committee secretary general Sir Bryan Carsberg said: ‘The trustees selected take office immediately and will work on fundraising and selection of the new board, which will commence operation on a date determined by the trustees with Jan 2001 the target.’

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer