Industry figures have called for the International Accounting
Standards Board (IASB) to retain part-time members in order to
ensure recent, or current, technical experience at the
international standard setter.
The trustees of the International Accounting Standards Committee
Foundation have sped up the process on two issues raised in its
current five-yearly review, which is due to be completed by the end
of 2009. The foundation hopes to finalise decisions on the creation
of a monitoring group and the composition of the IASB by October
this year, so that changes can be implemented in 2009.
At present, the IASB has 14 members, two of whom are part-time.
The trustees have proposed to expand the board to 16 members and
have recommended flexibility regarding part-time members.
Participants from the profession argued in favour of retaining a
number of part-time members at a series of roundtables held in
Ken White, the national director of assurance and advisory
services for Deloitte UK, commented: “I know it’s probably a lost
cause but I believe it’s good to retain part-time board members who
are still active in the industry.”
Mazars & Guerard partner Michel Barbet-Massin said it is
“paramount members have recent practical experience”.
European Federation of Accountants (Fédération des Experts
Comptables Européens – FEE) deputy president Hans van Damme agreed
with the importance of having some part-time board members,
pointing out that if someone has been on the board for two
five-year terms and was also in standard setting before then, their
technical practice experience could be ten to 20 years
In terms of the number of board members, several industry
figures warned 14 is already a large number and 16 could become
inefficient. Roundtable participants also stressed that quality of
IASB member candidates should be more important than the geographic
spread of board members.