Friday, June 20, 2008

International Accounting Standards, again

We have already reported several times on the International Accounting Standards Board (IASB) which sets standards on how transparent companies are worldwide. A previous blog of ours talked about the IASB like this:
"(It is) a curious organisation that decides how companies publish their company accounts. Despite its grand-sounding name, the IASB – which takes decisions that will profoundly affect all of us – is a wholly private company based in London and registered in the American secrecy jurisdiction of Delaware. It is funded by the Big Four accountancy companies and by some of the biggest multinationals in the world. In effect, this private company, which is subject to no democratic processes, is writing some of our most important laws. We are not talking about "soft" laws like guidelines or codes of conduct -- but hard European law. In the past, the latest accounting standard would simply have been nodded quietly through, and it would become law. But a few of us have noticed what is happening -- and we are alarmed."

We bring you an update. TJN's Richard Murphy has now been in discussions with the IASB. He describes what happens, in his latest blog.


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