FEE warns that EU standards "second best" without IAS 39
05 Jun 2004
A report published by FEE, the Federation of European Accountants, warns that Europe's accounting standards would be regarded globally as inferior if some IFRSs (particularly IAS 39) are not endorsed for use in Europe.
"We emphasise the need for 'endorsed IFRS' to be the same as 'IFRS'", said FEE President David Devlin. "The endorsement process should not be used as a means to create European standards. Only global standards will meet the wider objectives of financial stability, efficiency and transparency and provide the benefits of increasing confidence in financial markets, reducing the cost of capital and facilitating global investments." The report identifies the following "serious implications" of not endorsing all IFRSs:
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