On IAS39 he said: ‘It’s like watching drunks getting in a car after crashing another, and it was the regulators who gave them the car keys.’ That drew a sharp intake of breath from the breakfast gathering at

Moorgate Place

, who found themselves choking on their morning pastries .

Bush’s next move was to describe IAS39 as ‘legitimised market abuse’.

Then he turned on the International Accounting Standards Board comparing it to a ‘tractor factory’. ‘It’s a command and control model from the 1970s.’

And just as everyone thought they could eat in peace he said: ‘Change the board – they’re yesterday’s men.’

Never has the IASB and one of its standard had such a public malling (actually, that may not be true. IASB chairman Sir David Tweedie has been brutalised in the

US

on more than one occasion and appears to thrive on it) by someone in such a public place as

Moorgate Place

’s Great Hall.

In fact Bush’s presentation was not just mud slinging, he went at some substantive issues pretty vigorously too, which, I can say, at least impressed the people sitting immediately around me.

But it is worth bearing in mind IAS39 will change. The IASB is consulting and yesterday hosted a webcast, involving 600 people, to discuss the issue. The top brass at the IASB is well aware that something is wrong and I am told they look forward to seeing Tim Bush’s submission to the consultation.