EC calls for greater accountability of the IASB

Europe’s Internal Markets commissioner Charlie McCreevy has made a call for
greater accountability of the international standard setter.

Speaking from Brussels, McCreevy said the International Accounting Standards
Committee should be more accountable to governmental financial authorities and
market regulators.

‘As IFRS are becoming the global standard the time is ripe to address the
issue of the governance and the accountability of the International Accounting
Standards Board,’ he said,

McCreevy’s comments follow recent discussions and a paper from the European
Parliament’s Committee on Economic and Monetary Affairs criticising the IASB for
being outside democratic controls.

Further reading:

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