Standard setters under pressure to reform

As discussions over Phase II of IFRS for insurance continue, questions are being asked about the performance of accounting standards in the financial crisis and the role of the International Accounting Standards Board (IASB). In this extract, European Commissioner Charlie McCreevy calls for change

Accounting is now a hot political topic. That is no bad thing. The role played by accounting standards in the current financial turmoil has become the subject of heated debate. And whatever your views on how much blame can be laid on the doorstep of the accounting rules in this crisis, I think we can all agree that we have important lessons to learn for the future role of accounting in building our recovery.