In a letter from Director-general Schaub to the International Accounting Standards Foundation the Commisson strongly suggests that the Board of Trustees should correspond more to those jurisdictions that are likely to apply the standards, such as the EU.
Mr Schaub said: “The composition of the IASB, IFRIC and the Board of Trustees should correspond more to all the jurisdictions that directly apply the standards or have declared that they will make IAS mandatory in the near future.”
Mr Schaub criticized that only seven members of the IASB come from countries where international accounting standards are required for listed companies.
The Commission also pointed out a number of other issues. Among others, the Board of Trustees should monitor more closely the activities of the IASB, and a sounder and more coherent funding system of the IASB should be ensured.
Letter Schaub
Annex
© European Commission
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