Demands from the European Commission for radical reform and more control of the International Accounting Standards Board have been rebuffed by the US head of the organisation’s umbrella body.
Speaking in front of the EC’s Accounting Regulatory Committee this morning (Friday), Paul Volcker, chairman of the International Accounting Standards Committee Foundation Trustees, said that there was no intent ‘to revisit the entire debate five years ago about the organisation of the IASB’.
He said that the idea remained that board retained ‘independence of judgement of a high professional, decision-making board, appropriately protected from particular national or special interest pleading’.
In a move that will be a massive blow to internal market commissioner Charlie McCreevy, Volker also rejected calls for greater European representation at the IASB and in its trustees.
Despite the importance of the EU to the IASB, Volker said it does not -logically lead to a decision to overweight European representation on the board or the committee’. He added that Europe is already strongly represented, with five of the 14 board members and seven of 19 trustees from the continent.
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