New European Internal Markets and Services
Commissioner Michel Barnier has criticised the International
Accounting Standards Board (IASB) for having weak accountability
towards public authorities and being reluctant to consider the
economic impact of its standards.
Barnier was speaking during his first meeting
as part of the International Accounting Standards Committee
Foundation’s (IFRS Foundation) monitoring board.
The monitoring board was set up early last
year in an attempt to improve the IFRS Foundation’s public
accountability. The IFRS Foundation, in turn, oversees the
The monitoring board is comprised of leaders
from the International Organization of Securities Commission
(IOSCO), the European Commission, the Japan Financial Services
Agency (FSA) and the US Securities and Exchange Commission
However, the EC did not sign on to the board
until the end of last year and Barnier participated in Europe’s
first meeting on 1 April.
“It is important for me to say at the very
beginning of this meeting that we need to have a closer
co-operation with the users and the prudential regulators,” Barnier
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IFRS Foundation chair Gerrit Zalm argued the
organisation has made significant progress in accountability during
the past year.
He said the existence of the monitoring board
addresses the standard setter’s accountability to public
authorities, while expanded consultations and outreach indicated
broader accountability to the public at large.