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ASBehave!
The Financial Reporting Council likes to feign shock when folks hint that it may be doing too much, and regulating everything in sight. 'What part of the FRC could we cut, exactly, and still offer the same service?' it moans. TS has an idea.....
How about the Accounting Standards Board? The ASB has no known function any longer to TS' mind. The IASB is in charge of everything important, and anything else is, by definition, probably over-regulation.
Two recent press releases brought this home: one implementing a change to share-based payments, following an IASB move. Another merely 'welcomed' the IASB's moves on pensions accounting.
So it looks like the ASB is a public body whose function is to issue bland statements 'welcoming' another body's standards. Is it any wonder some bleat about there being too many regulators?
April 8, 2008 | Permalink
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Comments
Only a couple of months ago, ASB floated a proposed standard stipulating that pension liabilities should should be valued at the risk-free rate. This goes far beyond tha IASB's position and is far from bland. How ofted does ASB have to do something bold and far-seeing?
Posted by: Philip Heckman | 9 Apr 2008 16:02:28
