Sir David Tweedie has once again fronted European finance ministers, telling
them he will deliver his new fair value standard by year’s end. And, no doubt,
he will once again be on the receiving end of potentially accusatory questions
about the IASB and its response to the financial crisis.
This time, however, he goes into the meeting with considerably more
ammunition in his arsenal. G20 leaders last month reaffirmed their commitment to
global standards. There have also been statements by the Financial Crisis
Advisory Group and the Monitoring Board of the IASB supporting and defending the
global standard setter. Europe’s concerns should be taken seriously but let’s
hope the days are gone when ministers issue threats, veiled or otherwise, to
pull out of global standards if they don’t get their way.
Across the Atlantic in the US there are many closely watching the situation
and who fear the IASB will cave in to European demands as it did in the past.
These voices accuse it of being weak and undemocratic and point to European
meddling as evidence. If the days of petty threats do not pass, then the
possibility of truly global accounting standards likely will.
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