Small companies to deny IASB funding
IASB suffers donor blow as small companies refuse to fund reforms
Small listed companies have indicated that they do want to fund the IASB as
it searches for donors to fund its ongoing reforms.
Last year the IASB received $17m (£9.7m) in funds from outside donors, but is
trying to build a new scheme to make the organisation’s finances more stable,
the FT reports.
At a conference in Frankfurt today, however, John Pierce, chief executive of
the Quoted Companies Alliance, which represents smaller listed companies, will
say that these companies will be ‘outraged’ if asked to contribute.
Pierce is scheduled to say that small companies are unlikely to pay for
something they ‘don’t want’ and ‘didn’t ask for’. He will add that the new
standards make doing business more costly and complicated for small companies.