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UK FRC statement on development of standards

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27 Oct 2008

The United Kingdom Financial Reporting Council (FRC) has issued a Statement on Development of Accounting Standards expressing support for the independence of the IASB.

The statement was prompted by views expressed recently about the IASB's standards requiring fair value measurements of certain debt securities and loans. An excerpt:

The FRC believes that the most appropriate standards are developed when standard setters are able to exercise independent judgment, relying on their skills and experience and supported by effective consultation with market participants and other stakeholders. That has been the position in the UK since 1990, with the establishment of the Accounting Standards Board (ASB), and the FRC believes it is equally appropriate for the development of standards for use globally.

The FRC therefore believes that it is important that the responsibility for the setting of accounting standards remains with the relevant standard-setters. We support the IASB in its role as the standard setter for listed companies in the EU and elsewhere, including financial institutions, many of which raise capital from international investors.

Click to view Statement on Development of Accounting Standards (PDF 15k).

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