European Parliament asks IASB to revise principles as condition for future funding

11/4/2013 | Chicago Tribune (tiered subscription model)

The European Parliament has called for the International Accounting Standards Board to incorporate a reference to "prudence" in its basic principles, and wants to condition its funding on inclusion of the reform. The IASB has protested, arguing that the call threatens its independence. "This is something we cannot accept," IASB Chairman Hans Hoogervorst said. Critics say the introduction of the "prudence" concept would introduce a bias into financial reporting.

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