For the International Accounting Standards Board (IASB), success is producing headaches as well as plaudits. It was set up in 2001 with the task of bringing order to international financial reporting standards (IFRS).
Then IASB was then thrust into the front line by the European Commission’s decision that all listed companies in Europe should follow IFRS from 2005 onwards.
Not only did the IASB have its work cut out to achieve the deadline, it also found itself in a political minefield. Here was an independent and privately-funded standard setter telling French banks, for example, what they could and could not do in their accounts.
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