Professor Eamonn Walsh:

In general, the approach is probably reasonably good. The International Accounting Standards Board is a stand-alone not-for-profit foundation. It issues rules and goes through due process. For example, with respect to loan impairments, it issued a proposal in 2008 I believe it was, and would have issued another proposal having obtained feedback from the banking community. All the feedback is on the public record. It then sought to work with the US authorities to change the rules. It goes through extensive due process but it is a largely independent body and lobbying would not work. That is not part of its cashflow, so to speak.