PracticeConsultingEXCLUSIVE: International accountancy body gives final backing to establishing single standards setter

EXCLUSIVE: International accountancy body gives final backing to establishing single standards setter

The 16 members of the International Accounting Standards Committee board have today given their unanimous backing to proposals that take the largest single step yet towards establishing a single set of global accounting standards.

UK representative, PricewaterhouseCoopers professor of accounting at Reading University Christopher Nobes, told Accountancy Age that the vote marks the last major hurdle before the IASC gets the legalities of the new deal worked out.

The breakthrough in negotiations which had previously seen the Europeans at loggerheads with the US Securities and Exchange Commission, was made in November, but this follow-up meeting confirmed that relations have thawed.

Although the arrangements have to be put to the 140 member bodies of the committee in May, Nobes added that he did not expect any difficulty in reaching the majority vote needed to make the proposals a reality.

‘This is extremely important to the future of accountancy and the this confirms that there will be a single set of global standards and due course and that the IASC will be writing them,’ he said.

The delegates met today in Amsterdam to vote on a more detailed report that had been put together since the November meeting, which was held in Venice.

The only change to the original report was to the numbers of new board members who will act as liaisons to other standards setters.

This was originally to be ‘up to seven’, which has now been changed to a definite seven members of the 14 people on the board.

It is likely that a full legal report, establishing a board of trustees and main board and changing the constitution of the IASC, will be put forward in March.

EXCLUSIVE – Breakthrough paves way for global accounting standards as US and Europe end deadlock

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