London (March 26, 2004) -- International standard-setters may be changing consultation procedures following criticism from companies and regulators that they do not listen enough, according to a report by the Financial Times of London.
The paper said that the International Accounting Standards Board, which writes global financial reporting rules, has just published plans to make its deliberations more transparent and to get more input from companies and investors.
The IASB has been repeatedly accused of devising accounting standards that pay insufficient attention to the concerns and practices of companies, noted the Times. The IASB had previously released draft standards for consultation.
IASB chair Sir David Tweedie said, "As a body dedicated to setting standards for use worldwide, the IASB must set an example of transparency in its own operating procedures. The enhancements to our procedures are aimed at engaging the many interested parties in the standard-setting process, encouraging broad input in our technical work program and improving public understanding of our due process."
According to reports out of London, the IASB had been in a dispute with some European banks and insurers over its proposed rules and that, reportedly, could undermine the European Union's plans for companies to use a full set of international accounting standards starting in 2005.
-- WebCPA staff
