IASB under pressure as French finance minister calls for a formal limit on the term of its chairman
Political pressure on the international accounting standard setter has intensified, with demands led by the French finance minister calling for a formal limit on the term of its chairman and improvements to transparency and accountability if it wants to secure funding.
The IASB receives £3.6m of its £16m budget from Europe. The Council of European Finance Ministers met in Brussels on Tuesday to debate reforms of the International Accounting Standards Board.
Ecofin, chaired by French finance minister Christine Lagarde, has told the IASB to improve the transparency and legitimacy of standard-setting and agenda-setting processes; consider changing the terms of IASB members, including a ‘possible term limitation’ for the chairman of the IASB if the EU’s budget contribution is to be maintained.
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