PracticeAuditKeegan: Keep politics out of accounting

Keegan: Keep politics out of accounting

The head of the UK Accounting Standards Board has warned that politics must be kept out of international accounting standards, after French president Jacques Chirac said the treatment of financial derivatives could have 'nefarious consequences for financial stability'.

Link: Profession welcomes extension of IFRS

ASB chairman Mary Keegan said: ‘We have been mercifully free of political intervention in standard-setting in the UK. In Europe we must remember the aim is financial reporting standards acceptable to the global markets. I hope politicians focus on that.’

The details of a final exposure draft on financial instruments standards IAS 32 & 39 are to be finalised at an IASB meeting in London this week.

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