AICPA calls for permanent, independent funding source for IASB.

Barry C. Melancon, AICPA president and CEO, has called for a permanent, independent funding mechanism for the International Accounting Standards Committee Foundation, the governing body of the International Accounting Standards Board.

"We believe it is imperative the foundation find a permanent funding solution for the International Accounting Standard Board's activities," Melancon said at an Oct. 6 roundtable discussion on the IASB's constitution. "A permanent funding solution would ensure that the IASB has appropriate resources to carry out its mission and would lead to worldwide confidence in the IASB's role as an independent accounting standard setter," Melancon said.

Based in London, the IASB sets International Financial Reporting Standards, which are required or allowed in 117 countries. The Securities and Exchange Commission is considering whether to require U.S. publicly traded corporations to use IFRS for financial reports in U.S. markets as early as...

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