IASB submission to the UK PCBS
17 Jan, 2013
On 16 January 2013, IASB Chairman Hans Hoogervorst addressed the UK Parliamentary Commission on Banking Standards' Panel on tax, audit and accounting.
The parliamentary commission, a joint committee of the House of Commons and the House of Lords, is preparing a report on how banks' governance and ethics need to change after the financial crisis and had issued a call for evidence on 4 December 2012. The IASB's position can be summed up by the quote "In sum, we do not support the notion that accounting standards led to a systemic bias to overly favourable financial statements in the banking industry." A written submission setting out the response of the IASB to all questions posed by the Committee's Panel on tax, audit and accounting can be downloaded from the IASB's website.
