The IASB – time for good governance

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Those of us who campaigned on segment reporting and IFRS 8 have long complained that the governance structures of the International Accounting Standards Board are not good enough. We know; we tried to engage with it and all we got was rebuff after rebuff. That's one reason why the European Parliament was so critical of the IASB this week.

Now Charlie McCreevy, the European Commissioner with responsibility for accountancy matters has waded in and, according to Forbes has said:

As IFRS are becoming the global standard the time is ripe to address the issue of the governance and the accountability of the International Accounting Standards Board.

Funny how it took a campaign by a small group of NGOs to make him realise that.

These are, though, just words. The IASB issued fine words to us last September. Nothing happened. I hope McCreevy and the EC do better. One thing they should know: we're not going away.