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 217. Sources for this account of adoption by policy makers in the European Union of international accounting standards include Flower and Ebbers, 2002, pp. 208–211 227; and Karel Van Hulle, 2004, pp. 349–375.

218. See, for example, Floyd Norris, “Europe Welcomes Accounting Plan; U.S. Remains a Bit Wary,” New York Times, April 23, 2005, p. B3.

219. Flower and Ebbers, 2002; Zeff, 2003, p. 880.

220. Zeff, 2003. p. 886.

221. http://www.iasb.org/about/iasb_board.asp; Flower and Ebbers, 2002, pp. 252 – 261. The Standards Advisory Council in 2004 consisted of nine Americans, fourteen Western Europeans, two Japanese, two Africans, eight Asians, two Eastern Europeans, three Latin Americans, and an Israeli, as well as six representatives of international organizations. In 2006, the Standards Advisory Council membership had changed. It consisted of four members from North America, fourteen Europeans, two Africans, eight from the Asia-Pacific region, three Latin Americans, and an Israeli, as well as seven representatives of international organizations. The IASB’s constitution, which was last revised in June 2005 and which became effective on July 1, 2005, provides that the Standard Advisory Council should be comprised of at least thirty members. See http://www.iasb.org/uploaded_files/documents/8_11_iascf-constitution.pdf. Information on the structure of the IASB is available on its Web site, at http://www.iasb.org/about/structure.asp (sites accessed May 23, 2006).

222. Testimony of David Tweedie, chairman of the International Accounting Standards Board, U.S. Senate, Committee on Banking, Housing and Urban Affairs, February 14, 2002.

223. International Accounting Standards Committee Foundation Annual Report, 2003, pp. 3, 16, 18, and 23, http://www.iasb.org/uploaded_files/documents/8_24_ar2003.pdf. In 2005, the IASB employed an average of sixty-seven employees including board members. International Accounting Standards Committee Foundation Annual Report, 2005, p. 26, http://www.iasb.org/uploaded_files/documents/10_845_IASCF2005-AnnualReports.pdf (site accessed May 23, 2006).

224. The 2005 International Accounting Standards Committee Foundation Constitution, Articles 6–7. See http://www.iasb.org/uploaded_files/documents/8_11_iascf-constitution.pdf (site accessed June 7, 2006).

225. Alexander Kern, “Establishing a European Securities Regulator: Is the European Union an Optimal Area for a Single Securities Regulator?” Working Paper No. 7, Carnegie Endowment for Research in Finance, 2002. See also CESR Web site, http://www.cesr-eu.org.

226. The activities of IFAC are described at www.ifac.org. See Benston et al., 2003, pp. 76–78.

227. Adrian Michaels and Andrew Parker, “Financial Regulators to Strengthen Collaboration,” Financial Times, May 26, 2004, p. 33.

228. See, for example, Almar Latour and Kevin J. Delaney, “Toothless Watchdogs,” Wall Street Journal, August 18, 2002, p. A1.

229. Barney Jopson, “IASB Faces Funding Headache,” Financial Times, March 31, 2006, p. 16.