{"id":4930,"date":"2009-09-28T15:22:09","date_gmt":"2009-09-28T13:22:09","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/2009\/09\/28\/accounting-rules-far-too-important-to-leave-to-accountants\/"},"modified":"2009-09-28T15:22:09","modified_gmt":"2009-09-28T13:22:09","slug":"accounting-rules-far-too-important-to-leave-to-accountants","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2009\/09\/28\/accounting-rules-far-too-important-to-leave-to-accountants\/","title":{"rendered":"Accounting rules &lsquo;far too important to leave to accountants&rsquo;"},"content":{"rendered":"<p>The <a href=\"http:\/\/www.ft.com\/cms\/s\/0\/601d6c50-ab99-11de-9be4-00144feabdc0.html\" target=\"_blank\">FT notes<\/a>:<\/p>\n<blockquote>\n<p>Europe should not have handed over control of accounting rules to the London-based International Accounting Standards Board, according to the chief executive of <b>Axa<\/b>, France&rsquo;s largest insurer.<\/p>\n<p>Henri de Castries lambasted the IASB as being &ldquo;accountable to no one&rdquo;, saying the setting of accounting norms was &ldquo;an instrument of political sovereignty&rdquo; and &ldquo;far too important to leave to accountants&rdquo;.<\/p>\n<h5>The comments come as the standard-setter is re-working the rules covering financial reporting in the wake of the global crisis.<\/h5>\n<\/blockquote>\n<p>He&rsquo;s right. It is staggering that we have allowed a company basically controlled by the Big 4 firms of accountants take over the rules of law making on accounting reporting in the UK, the whole of Europe and beyond.<\/p>\n<p>Especially when, as the G20 has noted, they ignore their stakeholders, as they have on country-by-country reporting.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The FT notes: Europe should not have handed over control of accounting rules to the London-based International Accounting Standards Board, according to the chief executive<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2009\/09\/28\/accounting-rules-far-too-important-to-leave-to-accountants\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[66],"tags":[],"class_list":["post-4930","post","type-post","status-publish","format-standard","hentry","category-iasb"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/4930","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=4930"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/4930\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=4930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=4930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=4930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}