Trustees support IASB's accelerated steps on the credit crisis
09 Oct 2008
At their meeting in Beijing today, the Trustees of the IASC Foundation announced their unanimous support for the approach that the International Accounting Standards Board Announced on 3 October 2008 to accelerate its response to the credit crisis.
In reaching this common view, the Trustees emphasised that they do not and would not take positions on the specific technical content of IFRSs; the Trustees therefore reaffirmed their commitment to preserving the independence of the IASB's standard-setting process. With more than 100 countries now using IFRSs, the Trustees highlighted the fact that any weakening of the IASB's independence would be likely to reduce transparency, potentially lead to a weakening of standards worldwide, and would ultimately undermine investor confidence at a fragile time for the world's markets. |