IASB attacked for 'arrogance'

An accountancy professor has labelled the International Accounting Standards Board (IASB) as arrogant, it has emerged.

In a letter to the Financial Times, professor David Middleton has called the IASB, an organisation established in March 2001, not only arrogant, but also undemocratic, reports Accountancy Age.

Indeed, professor Middleton goes further, drawing similarities between the IASB and the European Union.

The letter comes after an earlier document in the Financial Times from Michael Starkie, the former chairman of the Confederation of British Industry financial reporting panel and the current chief accountant for BP.

"There are striking similarities between the IASB and the European Union. Both are driven by well-meaning, intelligent, determined people," said professor Middleton.

"But they seem unable to listen to reasoned disagreement or to trust people to exercise their own judgment."

Mr Starkie had also spoken out against the IASB.