The International Accounting Standards Board must be allowed to focus its efforts on a fundamental rewrite of its rules on financial assets and should not be forced to respond to every short-term policy shift announced by the U.S. Financial Accounting Standards Board, according to a body created to advise both boards.
The Financial Crisis Advisory Group, a panel of experts set up by IASB and FASB last year, made its views clear in a letter to the leaders of the G20 nations. Its call to leave standard setters free to get on with priority work is an attempt to rebuff European critics, notably the French, who feel the IASB has been slow to respond to rule changes announced by FASB.
