The IASB has been repeatedly accused of devising accounting standards that pay insufficient attention to the concerns and practices of companies....Some European banks and insurers complain about poor due process by the IASB, and Frits Bolkestein, European commissioner responsible for accounting matters, endorsed their concerns earlier this month." {Financial Times, March 24, 2004, p. 20)
Required:
Elaborate on the concerns raised in the preceding quote, and discuss the measures that have been taken by the IASB to alleviate those concerns.