The International Accounting Standards Board which is now looking into fair value (relax, they are not expected to come up with anything final before 2011), has been attacked lately.

Earlier this month, BP chief accountant Michael Starkie wrote a letter to the Financial Times saying the IASB was simply not up to it.

"The International Accounting Standards Board continues to develop an accounting model about which users of financial information have grave misgivings," Starkie said. "Probably the most disturbing example is the use of predominantly mark-to-model exit values in the balance sheet, which cannot be relevant for a market trying to assess the economic performance and position of companies that have the intention of continuing to operate as going concerns."

Now, accounting professor D.R. Myddelton from the Cranfield School of Management has written a letter to the FT , accusing the IASB of arrogance.

"There are striking similarities between the International Accounting Standards Board and the European Union. Both are driven by well-meaning, intelligent, determined people. But they seem unable to listen to reasoned disagreement or to trust people to exercise their own judgment."

Not a good sign for the IASB.