EU political interference in accounting standards a worry
Peter Vipond, director of financial regulation and taxation at the Association of British Insurers (ABI) has criticised the “increased politicisation of the accounting standard-setting process” in a letter to the FT.
He says insurers concerned at the failure of the European Union to endorse International Financial Reporting Standard (IFRS) 9, the International Accounting Standards Board’s (IASB’s) new accounting standard for financial instruments.
“It was pressure from the European Commission earlier this year that prompted the IASB to bring out IFRS 9. It is unhelpful that pressure from within the EU has stalled the endorsement process. This confusion helps nobody in the end,” he writes.
