Standard setters come out in support of IASB

Standard setters from across the globe have sent a communique to the IASB
expressing their support for the under-fire body.

The signatories of the National Standard Setters Group included Ian
Mackintosh of the Accounting Standards Board and standard setters from Korea,
Hong Kong, Australia, France, Sweden and South Africa.

The NSS was spurred into action in the wake of the IASB coming under
severe
political pressure as the financial crisis worsened.

After its recent reclassification of certain hard-to value assets, the IASB
is still under pressure because it has now been asked to carry out a further
review of standards and to complete its considerations in time for 31 December
year end financial reporting.

‘We continue to support the IASB and its efforts to achieve true global
financial reporting standards.We urge those adopting international financial
reporting standards to accept the decisions of the IASB if they are made with
adequate due process and deliberation, taking into account the impacts on
markets and the economy,’ the NSSG said in the communique.’

The NSS added that due process might have to be accelerated because of the
economic turmoil:

‘While appropriate due process should allow constituents ample time to
consider and comment on any changes, it may be, in these extraordinary times,
that due process will need to be shortened. Should this be the case we stand
ready to assist the IASB to achieve the most effective due process possible.’

Further reading:

Sigh
of relief for the IASB-but is it all over?