PracticeAuditIASC publishes incomplete list of backers

IASC publishes incomplete list of backers

An incomplete list of financial backers of the International Accounting Standards Committee has been posted on its website ahead of the standard setter's annual report due out next week.

The breakdown of the IASC’s financial supporters, including companies, accountancy firms, banks and other international organisations, excluded, however, five backers which preferred to remain unnamed. They gave the IASC no reason for their publicity-shyness.

Corporate backers contributed 56% of the IASC’s budget totalling £12.8m ($18.3m) in 2001, with the Big Five contributing around a third. In total, 188 organisations contributed to the IASC in 2001.

The remaining 14% contribution was made up by central banks, government entities, associations and international organisations, like the Inter-American Development Bank.

IASC trustees, in particular chairman Paul Volcker, have come under increasing pressure to be more transparent, following allegations in the US, that companies had tried to unduly influence the global standard setters.

In a statement Volcker said: ‘The trustees are seeking to broaden the funding sources and reduce proportionately the commitment of underwriters.’

Underwriters are those companies that provided a five-year pledge ranging from $100,000 to $200,000 per year to ensure the IASC’s financial stability from the outset.

Related Articles

PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

5d Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

2w Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

2w Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

3w Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

1m Alia Shoaib, Reporter
KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

2m Emma Smith, Managing Editor