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The success so far achieved should not be compromised by actions that would weaken the independence of the standard-setting process, Gerrit Zalm, chairman of the IASB’s trustees said in a letter to participants of the upcoming G20 meeting on 15 November in
“Any steps taken outside the well-established and supported standard-setting process to amend fair value accounting would further undermine already scarce confidence in financial markets”, Zalm warns, underlining that any further IASB action needs to take proper account of the views of all stakeholders.
Therefore, efforts to improve financial reporting should be led and completed expeditiously by the IASB in order to ensure a globally co-ordinated approach, Zalm states.