Volcker set to head global standards quest
Former US Federal Reserve chairman Paul Volcker will head the drive towards rules to allow companies to list on the stock market in the world using one set of accounts.
The International Accounting Standards Committee has appointed a 19-strong team of trustees of the restructured body. It includes representatives of business, academia and standards-setting.
The move is an attempt to revamp the IASC, which was set up in 1973 to devise and implement global rules. The team will be responsible for raising funds and appointing the technical experts who will set standards.
The appointments were made by a nominating committee which includes four national stock market regulators and is headed by Arthur Levitt, chairman of the US Securities and Exchange Commission.