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G4+1 Future Down to IASC, Says Leisenring LONDON, Feb. 1, 2001 (AccountancyMagazine.com) The G4+1 group of accounting standard-setters is meeting in London this week to discuss its future. According to G4+1 chairman Jim Leisenring, the future of the group of English-speaking standard-setters depends on the International Accounting Standards Committee. Once a contender for the title of global accounting standards-setter, the G4+1, made up of standard-setting bodies from Australia, Canada, New Zealand, the United Kingdom and the U.S., will decide this week on whether or not to disband. David Tweedie, chairman of the new IASC, is attending the G4+1 meeting and will play a major role in deciding the future of the standard-setting club. "The future of the G4+1 really is in the hands of the IASC now," said Leisenring. Leisenring, who is also international director at the U.S. Financial Accounting Standards Board, says the group has three alternatives. "We could just disband. Or we could see a situation where some of the members feel they would be better served by the new IASC, but others want to preserve the group." But it is more likely that Tweedie will want to keep the G4+1, says Leisenring. "It may become the G4+3 and represent European countries as well as the English speakers," he believes. "But whatever it does, it would make sense for the IASC to use the resources of the group. It won't be able to do all the work on its own." Since the IASC changed its constitution last year, the future of the G4+1 has been in question. The Group was originally set up as a forum for the five member boards to discuss domestic issues. It soon earned the reputation of a club for the standard-setters of the English-speaking capital markets, who felt their interests were not served by the IASC. But the IASC now has a full-time board of standard-setters chosen for their technical ability, rather than geographical representation. Its new constitution includes a clause that says it will serve the capital markets. As all of the G4+1 members are included as "liaison" countries in the new IASC structure, the group seems unnecessary. Send comments to information@smartpros.com Copyright 2001 AccountancyMagazine.com. Used with permission. |
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