Professor Eamonn Walsh:

The International Accounting Standards Board is a stand-alone foundation with a chief executive officer, and board members are appointed. It would not be described as being under the thumb of any particular interest. There would be a perception among some in the United States that perhaps it is a little too dependent on getting EU endorsement for things it does, that it has responded to EU political concerns at various times. I am not saying I hold this opinion. Some in America have argued that this perhaps is not such a good thing.