Commissioner McCreevy comments on accounting and financial crisis
Jun 29, 2009
Charlie McCreevy, the EU Commissioner for Internal Market and Services, spoke on issues relating to the economic and financial crisis before the Institute of Chartered Accountants in Ireland in Dublin on 26 June 2009.
As you all know, the role of accounting rules has become the subject of heated debate. But we remain convinced that the international standard-setting system is the best way forward. And this is not solely an EU view. It is also the view of the G-20. Accounting rules did not cause the crisis but it is fair to ask did they amplify it? We need to look at what has happened and see if the rules need to be adjusted so as to strengthen financial stability. I am pleased that at last the IASB plans to complete its fundamental revision of IAS 39 by the end of this year. This is an ambitious agenda for such a complex standard. I know there are many financial institutions in the EU who will want to have the revision of the impairment rules in place for the year end accounts. ECOFIN ministers have conveyed their intentions in this regard.