ICAS backs independence of IASC and the IASB

The Institute of Chartered Accountants of Scotland has added to the row over reform between European Union internal markets commissioner Charlie McCreevy and International Accounting Standards Committee chairman Paul Volcker.

The Scottish institute is supporting calls for an independent IASC and standards setter the International Accounting Standards Board.

Link: Volcker tackled by McCreevy on IASC proposals

It was responding to the IASC foundation consultation paper ‘review of the constitution proposals for change’.

James Barbour, ICAS director of accounting and auditing, said: ‘ICAS believes that the existence of a fully independent standard-setting body, free from political interference and manipulation, remains an essential factor in the standard setting process. The institute, therefore, strongly supports any measures that contribute to the independence of the IASC Foundation and IASB.’

In its submission, the institute also supported transparency in financial reporting and the development of global standards.

Barbour added: ‘At a time when the profession and the legislators are both working towards a common goal of restoring confidence in financial reporting and auditing, we believe that full transparency in the preparation of accounts, and in the reporting which follows, is essential, and that IFRS are vital in achieving this.’

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