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The Financial Environment

C/F/116. Are the decisions made by IASB independent of nation states?

WORDS:
1100
DATE:
2006
PRICE:
19.99 GBP

?The International Accounting Standards Board (IASB) is an independent, privately-funded accounting standard setter based in London, UK. Board Members come from nine countries and have a variety of functional backgrounds. The Board is committed to developing, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require transparent and comparable information in general purpose financial statements. In addition, the Board cooperates with national accounting standard setters to achieve convergence in accounting standards around the world? (IASB). A large number of countries decided to adopt a standard accounting rules, in order to allow the investors to make sound and informed financial decisions. However, the rules are set within UK, while other countries have very different reporting habits. This essay identifies a number of issues that IASB is facing and also concludes that IASB no longer can make independent decisions, primarily because of European Commissions involvement. The essay bases the arguments on a number of statements as well as FTs articles.

 

KEYWORDS: f, decisions, iasb, independent, nation, states,

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