IASB funding is on ECOFIN's agenda
11 Jul 2006
At its meeting on 11 July 2006, the Economic and Financial Affairs Council (ECOFIN) of the European Union will discuss changes to the funding of the International Accounting Standards Board – in particular how the IASB might be made less dependent on major accounting firms for funding.
Continuation of the current system of funding after 2007, relying on only a small number of voluntary contributions, is not sustainable in the light of increasing global application. This would not enable the international standard setting body to be independent and sufficiently resourced to conduct its work in a timely fashion. Therefore, a new system is needed with a broader base and better allocation between geographical areas. |