VideoThe SEC will be part of a new monitoring group overseeing IASB. Will that heighten European fears about American influence over accounting standards?
It's quite interesting, but when I come to the States, there's a fear that international standards are going to be influenced by the Europeans. So it depends where you are coming from.
We are trying to make it crystal clear that that is not going to be the case. When IASB was set up, there were six North Americans on the board, and they were setting standards for Europe. There should be a board of 16--four from Europe, four from North America, four from Asia/Oceana, one from Latin America, one from Africa, and two from anywhere.
The monitoring group is [also] quite cleverly constructed. I think it is pretty well scattered to make sure there is no region going to dominate. Have a fair say? Yes. Dominate? No.
Reader CommentsDisplaying 3 of 4
Rodney Hurd
Sep 8, 2008 2:27 PM ET
Leases: first get the facts right
Contrary to Sir Tweedie's assertion, as well established by credible surveys and knowledgeable legal and accounting … more
bill bosco
Sep 8, 2008 12:37 PM ET
the facts re lease accounting
The real problem is real estate leases. Over half of the equipment lease volume quoted by Sir David is on BS as they … more
Antonio Olleros
Sep 8, 2008 8:46 AM ET
Obtaining IFRS
You are Right Stephanie, I think IFRSs should be free form IASB; anyway your students can obtain the standars from EU … more
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