The International Accounting Standards Board's growing power appears to be incompatible with making friends. "We are under enormous pressure from all sides," said Tom Jones, vice-chairman of the IASB, at a conference this month. "I rarely address an audience that isn't at least 50 per cent hostile. Whatever we do, half the world wants it and half the world hates it."
The IASB is confronted by hundreds of companies, accountants, investors and regulators from dozens of countries, all lobbying for standards that would suit their own - often conflicting - interests. This raises questions about the feasibility of the IASB's goal: producing one set of high-quality accounting standards that can be used across the world.
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