PracticeAuditIASB forced to open its books

IASB forced to open its books

An attempt is to be made to end the running controversy over funding of the International Accounting Standards Board by publishing a list of its corporate donors.

Paul Volker, chairman of the trustees of the International Accounting Standards Committee, which overseas the work of the board, is set to unveil the list of backers next Tuesday if all trustees agree to the publication.

The move is seen as an attempt to end the controversy, in the wake of Enron, over the board’s alleged lack of transparency on funding and donor influence.

Corporate donors provided nearly two thirds of the £12.6m ($18m) IASB funding in 2001.Following revelations that Enron executives attempted to exert undue influence over the international standard setting process, calls have grown for the IASB to be more open about where it gets its money from.

All 19 trustees will vote either in person or remotely at next week’s meeting in London where details of the backers will be released as part of the IASC’s annual report.Volker, a former chairman of the US Federal Reserve, has since denied ever receiving funds from Enron.

Sir Sydney Lipworth, IASC trustee, told Accountancy Age: ‘The point about this is IASB is not trying to be non-transparent. We have public meetings and everything is published. We’re not looking just for financial support but also general support for global standards.’

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