RegulationAccounting StandardsEC calls for greater accountability of the IASB

EC calls for greater accountability of the IASB

McCreevy says its time to discuss governance of the international standard setter

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,
Forbes
reported.

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:

Standards
chiefs woo Euro sceptics

IASB seeks overseer for its decisions

IASB chair sparks fresh tensions with European
regulators

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