Finance minister back IASB ‘shake-up’

Finance minister back IASB ‘shake-up’

EU finance ministers want broad base of financial contributors

The International Accounting Standards Board will face changes to the way
it is funded after Europe’s finance ministers endorsed a financing shake-up.

The aim is to make it less reliant on donations from big accounting firms and
avoid conflict of interest scenarios when deciding international accounting
standards.

Ministers agreed a declaration that the IASB should have a ‘very broad base
of contributors’ spread across the world, ‘so as to avoid conflicts of
interest’.

The possibility that the IASB should be funded ‘partly through public means’,
if a new voluntary funding system does not work, will remain, the FT
reported.

The IASB’s budget is expected to rise to £17m by 2008.

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