IASB could 'outdo Bono'
IASB opting for country-by-country disclosures could do more good than Live 8, says expert
The IASB could do more good than Live 8 by opting for country-by-country
disclosures, an accountant working with the Publish What you Pay coalition said
this week.
Richard Murphy, who helped write submissions to the standards board, which
drew up International Financial Reporting Standards, said that he was becoming
increasingly worked up by the board’s intransigence over the issue.
‘[The move] could do more good than Live Aid or Live 8, outdo Bono, make tax
evasion and corruption a great deal harder for larger companies, help increase
the tax revenues of most of the poor nations of the world… and all by saying ”
account for and where you are”. This is a big chance for the profession,’ Murphy
said.
The coalition wants companies to report on a country-by-country basis in
order to increase disclosure to stakeholders.
Charities including Save the Children and Cafod made the proposals earlier
this year. But the board opted for a management approach reflecting how
decisions are made within companies.
The board was set to discuss the issues raised yesterday, with all proposals
said to be still on the table.