International companies have waited for more than four years for the IASC and the international securities body IOSCO to produce a set of standards that could be accepted for financial statements, but the plans have been persistently scuppered by a lack of common ground between the US and Europe.
The announcement today marks a major thaw in relations as the committee voted 16-0 to back the radical new plans to establish an IASC for the future.IASC commercial director Kurt Ramin said: 'Everyone is very pleased. There is still a lot of detail to be agreed but we have the full support of the board going to go ahead for the future of the organisation.'
He said that a final paper will now be drafted for consideration at the next meeting in December.The new structure offers considerable concessions to the US Securities and Exchange Commission, which had previously been opposed to the proposals for an enlarged IASC with a single board structure and 25 members, only 15 of which would have been full time.
What has been accepted is a new structure with a board of 19 trustees - six from North America, six from the EC, four from the Asia/Pacific region and three from the rest of the world.The board will be empowered to select 14 members for the committee, 12 of which will be full-time. They will be selected on the basis of technical competence and knowledge of world business and their role will be to spend time liaising with national standard-setters.
There has been no stipulation of how the seats on the committee should be allocated, but it will be the trustees job to make sure that no country, region or body of interest should be allowed dominance.
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