McCreevy’s refusal to sign key documents on international standards casts doubt over IASB’s future
The chasm which separates the International Accounting Standards Board and Europe has been exposed after EU commissioner Charlie McCreevy refused to sign documents which enshrine the values of international standard setting and underpins a key oversight body.
The absent signature has led to a stand off between the IASB and the European Commission.
McCreevy’s signature is noticeably missing from both the charter and the memorandum of understanding which set out the principles of international standard setting and underpin an oversight body, known as the monitoring board.
The monitoring board was set up in April to promote the continued development of high quality accounting rules by the IASB and provide oversight on the global standards-setting regime.
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