The International Accounting Standards Board has agreed to oversight by a team of global regulators, according to CFO.com. The new "monitoring board" will include representatives from the U.S. Securities and Exchange Commission, the Japan Financial Services Agency, the European Commission, and the International Organization of Securities Commission. The Basel Committee on Banking Supervision will also serve as an "official observer."
Writer Marie Leone explains:
The monitoring board will work... to move corporate accountants toward one set of global accounting standards. And while the monitoring board will be expected to safeguard the IASB bylaws, it must do so without "impairing the independence of the standards-setting process."
Interestingly, the move comes on the heels of word that the SEC's new chairperson, Mary Schapiro, is not all that enthused about International Financial Reporting Standards. Former chairman SEC Christopher Cox championed U.S. adoption of IFRS during his term.