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IASB to change procedures for financial crises response
Accountancy News |
15/12/2008
The International Accounting Standard Board could be set to adopt new fast-track fair value accounting procedures, according to its chairman.
People working in accountancy recruitment could be interested to read that Sir David Tweedie told Reuters the proposed change to procedures is down to its need to be able to respond to future financial crises.
He added there is pressure from Europe for the board to formalise its fair value accounting processes.
Mr Tweedie hinted that a new "acceleration procedure" could be added to the legislation, following a request from the board to the trustees.
He stated: "I think we should regulate it, in the sense that we will on a regular basis say this is what we'll do on the fast track."
A report by finance recruitment firm Robert Half claims the finance industry could face a skills shortage over the next five years if it continues to struggle to attract and retain accountants, Accountancy Magazine reported.
