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IASB Chief Nearly Quit on Fair-Value Pressure

Global Glimpses | November 19, 2008

Sir David Tweedie, chairman of the International Accounting Standards Board, considered resigning last month after coming under intense pressure from European Commission officials to retreat on fair-value accounting rules.

The Commission wanted IASB to ease its rules relating to the valuation of financial instruments, to help banks weather the financial crisis. The Board did make major changes—sparking sharp criticism from some circles—but the Commission is still pushing for more action.

TweedieTweedie told a recent hearing of a U.K. parliamentary committee that the Commission’s demand for a change to fair-value rules “came out of nowhere” along with “a blunt threat to blow the...

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