New European Internal Markets and Services
Commissioner Michel Barnier has criticised the International
Accounting Standards Board (IASB) for having weak accountability
towards public authorities and being reluctant to consider the
economic impact of its standards.

Barnier was speaking during his first meeting
as part of the International Accounting Standards Committee
Foundation’s (IFRS Foundation) monitoring board.

The monitoring board was set up early last
year in an attempt to improve the IFRS Foundation’s public
accountability. The IFRS Foundation, in turn, oversees the
IASB.

The monitoring board is comprised of leaders
from the International Organization of Securities Commission
(IOSCO), the European Commission, the Japan Financial Services
Agency (FSA) and the US Securities and Exchange Commission
(SEC).

However, the EC did not sign on to the board
until the end of last year and Barnier participated in Europe’s
first meeting on 1 April.

“It is important for me to say at the very
beginning of this meeting that we need to have a closer
co-operation with the users and the prudential regulators,” Barnier
said.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

IFRS Foundation chair Gerrit Zalm argued the
organisation has made significant progress in accountability during
the past year.

He said the existence of the monitoring board
addresses the standard setter’s accountability to public
authorities, while expanded consultations and outreach indicated
broader accountability to the public at large.

 

Related Stories


France secures internal markets post


Monitoring group established as standard setter board
expands