Brussels backs accounting body’s finance revamp

Preview of an expected decision at the Ecofin Council, Brussels, 11 July 2006, whereby it was expected to adopt a Declaration on the funding arrangements of the International Accounting Standards Board (IASB). Continuation of the current system of funding after 2007, relying on only a small number of voluntary contributions, is not considered sustainable in the light of increasing global application. This would not enable the international standard setting body to be independent and sufficiently resourced to conduct its work in a timely fashion. Therefore, a new system is needed with a broader base and better allocation between geographical areas. The Declaration will be a clear signal to the IASB and the outside world that all European Member States are willing to contribute to the implementation of a reasonable and workable solution in the short term

International Accounting Standards Board http://www.iasb.co.uk/

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