IASB stands up to EU politicians on accounting rules

According to a recent article, the International Accounting Standards Board (IASB) stood its ground when EU finance ministers pressured the board to speed up rewriting rules that would make the balance sheets of European banks look better. The IASB stuck with its schedule for a gradual easing in the way banks are required to report losses on assets. "It's unbelievable how politicians have become accounting experts in the last couple of months," said Hans Hoogervorst, head of the Dutch financial markets authority. (Read the article in The Guardian (London)/Reuters.)