Commissioner McCreevy's comments on IFRSs and IASB
May 08, 2009
Charlie McCreevy, the European Commissioner for Internal Market and Services, addressed a range of issues relating to IFRSs and the IASB in his keynote address at the European Commission's conference on Financial Reporting in a Changing World in Brussels yesterday.
He cited the benefits of IFRSs for Europe and urged countries that have not yet adopted IFRSs, including the United States, to make the move. He cited recent progress in improving the IASCF's governance structure but said more action is needed regarding the geographic composition of IASB, due process, and balancing the Board with members with more practical experience. He urged the IASB to accelerate its work on issues identified as a result of the global financial crisis, including fair value measurement, aligning the IASB's impairment rules with those in the United States, and loan loss provisioning. Click to Download Commissioner McCreevy's Remarks (PDF 73k).