Moreover, standard setters need to be accountable to all stakeholders, including democratically elected politicians, as evidenced by an appropriate governance and due process. The profession is strongly of the view that the choices as to the most appropriate accounting treatments should appropriately reflect the practices and needs of stakeholders from all continents in a balanced way, following a proper consultation as part of the due process. Accordingly, individual stakeholders, including politicians, should engage and be able to make their views known as part of the due process consultation, but should not seek to exercise undue influence through any dominant position or political power they may hold.

 

Finally, over the past years, convergence has been an important tool to move towards global standards: notably between IFRS and US GAAP. The profession supports the principle underlying convergence, providing that this leads to higher quality accounting solutions. The IASB has committed itself to a tight and ambitious timetable and it is for all stakeholders concerned of crucial importance that the IASB adheres to this timetable and delivers in time.