Top financial regulators are calling on the International Accounting Standards Board (IASB) to be more accountable and transparent once its rules form the basis for a single set of global standards next year, says a Reuters report published by The New York Times.
"We feel there is much work to be done. The debate about ...governance will continue because it's unfinished," David Wright, deputy head at the EU's European Commission internal market unit told a Commission hearing on accounting and auditing.
Masamichi Kono, a vice commissioner of Japan's Financial Services Agency, also told Reutors he wants the monitoring board improved.
Responding to the calls, the IASB says governance has been strengthened by introducing the monitoring board and expanding board membership to 16 from 14, with more changes under consideration once work on global convergence is completed next year, says Reuters.