IASB announces review following NGO pressure

News Article - 22 September 2006
Category:

The International Accounting Standards Board (IASB) has announced that it is to review its working practices following criticism by non-governmental organisations (NGOs).

A coalition of 80 NGOs raised what the IASB acknowledged were legitimate questions about what action the body would take over oil and mining group transparency.

The group demanded that the board take action to ensure that the companies produce detailed country-by-country accounts of their activities.

These would include information on turnover, profits, taxation, and payments to governments in each country, creating far greater accountability for their actions, said the NGOs.

"They make the case there are investor interests, public policy interests and interests among other users of financial reporting, and the combination of those things persuaded the board it should reach out to other groups to get their views," IASB research director Wayne Upton told the Financial Times.

Article keywords:

---

More industry news

• Think tank warns UK may have already slipped back into recession
• Growing demand for HR staff in technology and international sectors
• Boosting business growth a ‘priority’ to avoid Eurozone slowdown
• HMRC launches alternative disputes pilot scheme this week
• December employment statistics disregard gloomy recruitment predictions
• Eurozone manufacturing PMI shows modest improvement
• UK scores highly for economic governance by ratings agency
• Government launches two-year project focusing on manufacturing sector
• Burden of regulation on UK businesses ‘too high’

Back to news home page »