The need for high-quality accounting standards is paramount, but is the current standard-setting process effective? Peter Holgate weighs the options.
The need to reform accounting in the height of the recent financial crisis was impressed upon the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) by the G-20, who gave the boards ambitious targets and quite short deadlines. In more normal times, the development and reform of accounting standards would move forward at a different pace. Read more