IASB blasts 'weak regulator' criticisms

'We have been looking at disclosures on IFRS and U.S. GAAP, and, actually, you get far more disclosure under IFRS' - Sir David Tweedie
Written by Penny Sukhraj
Accountancy Age,
08 Sep 2008
The chief of the international accounting standard setter says it is 'absolute nonsense' that IFRS would put US investors at the mercy of overseas regulators.
'It is absolute nonsense,' said International Accounting Standards Board chairman Sir David Tweedie in an interview with CFO.com.
'The SEC is going to look at the accounts that are coming in. Countries around the world aren't just going to throw away their own accounting standards if they think we are bringing out standards that aren't very good,' said Sir David.
Earlier this month, US Rhode Island Democrat Senator Jack Reed argued that the Securities and Exchange Commission could put investors at risk by allowing external, less aggressive regulators to have power of overseeing the rules.
Sir David added: 'We have been looking at disclosures on IFRS and U.S. GAAP, and, actually, you get far more disclosure under IFRS.'