RegulationAccounting StandardsMPs to grill Tweedie on fair value

MPs to grill Tweedie on fair value

Chairman of the IASB to answer questions on fair value accounting before MPs on 11 November

Sir David Tweedie, the chairman of the International Accounting Standards
Board, has been summoned to Westminster to discuss fair value accounting.

In addition to Sir David, the Treasury select committee has also called Paul
Boyle, the head of the FRC, and ICAEW chief executive Michael Izza.

The evidence session will take place on 11 November.

End-users of accounts including the British Bankers Association will also
make a contribution during the sessions.

The committee is also calling for written evidence, due before 3 November, on
several topics: the purpose, and intended audience, of financial accounts; the
role that fair value accounting has played in the banking crisis, and whether
any change to fair value reporting rules and requirements is appropriate; the
role and accountability of the International Accounting Standards Board; and the
process of amending accountancy standards.

The IASB chief has had to weather increasing political pressure in the last
few weeks as proposals to suspend fair value have been made.

Sir David has attempted to stand his ground, but he may be called upon to
explain the IASB’s reclassification efforts, rolled out to reduce the
differences between IFRS and US GAAP. This has been interpreted as a partial
climbdown in some quarters.

Related Articles

Membership of the accountancy profession on the rise

Accounting Standards Membership of the accountancy profession on the rise

5m Alia Shoaib, Reporter
IASB overhauls insurance accounting with issuance of IFRS 17

Accounting Standards IASB overhauls insurance accounting with issuance of IFRS 17

7m Alia Shoaib, Reporter
Treasury Select Committee report released on Making Tax Digital

Accounting Standards Treasury Select Committee report released on Making Tax Digital

11m Stephanie Wix, Writer
New Year Honours of 2017

Accounting Standards New Year Honours of 2017

11m Stephanie Wix, Writer
Ex-RSM Tenon CEO fined; ex-FD and PwC face complaints over its accounting

Accounting Standards Ex-RSM Tenon CEO fined; ex-FD and PwC face complaints over its accounting

1y Kevin Reed, Writer
Sports Direct implements FRC corrections in annual reporting

Accounting Standards Sports Direct implements FRC corrections in annual reporting

1y Stephanie Wix, Writer
Former CFO joins IASB board

Accounting Standards Former CFO joins IASB board

1y Stephanie Wix, Writer
Watchdog launches audit investigation into Sports Direct

Accounting Firms Watchdog launches audit investigation into Sports Direct

1y Stephanie Wix, Writer