PracticeAuditIASB trustees to review consultation strategy

IASB trustees to review consultation strategy

Paul Volcker, chairman of the International Accounting Standards Foundation, has pledged to 'thoroughly review' concerns about the quality of the IASB's consultation procedures.

Link: ICAS says 2005 IAS deadline ‘unrealistic’

Volcker made this promise in a letter addressed to Fritz Bolkenstein, the European commissioner for internal markets, after Bolkenstein raised concerns about the quality of public consultations, the FT reported.

‘I assure you that the questions you raise about consultation procedures will be thoroughly reviewed,’ Volcker wrote.

He has requested a meeting with European commissioners before the IASF’s next meeting in Brussels in November.

Bolkenstein’s comments follow some companies, particularly banks and other financial undertakings, criticising the IASB for not properly consulting businesses and investors on financial reporting rules.

Of particurlar concern have been IAS 32 and IAS 39, the standards for financial instruments, which companies claim undermine legitimate risk management practices and provoke unjustified volatility in their accounts.

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