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IASB funding is on ECOFIN's agenda

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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.

EU Finance Ministers are expected to address how to widen the IASB's base of financial support, and also whether public funding could be used if a broadened voluntary scheme proves unpopular. From the agenda:

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.

Click for (PDF 98k). Incidentally, this is the first meeting of ECOFIN that is being Webcast by the EU - available in five languages.

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