This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

The European Commission's strategy on accounting and auditing

  • European Union (old) Image

04 Mar 2004

In an address to the Institute of Chartered Accountants in England and Wales in London earlier this week, Frits Bolkestein, Member of the European Commission in charge of the Internal Market, Taxation and Customs, spoke about The European Commission's Strategy on Accounting and Auditing.

His presentation covered use of IFRS in Europe, EU measures on statutory audits, and EU/US relations in this area. Download the (PDF 71k). An excerpt:

The Commission has promoted a strategy based on a principles-based approach to financial reporting, designed to reflect economic reality and give a true and fair view of the financial position and the performance of a company. At the heart of our strategy is the application, from 1 January 2005, of International Accounting Standards. I remain firmly committed to this strategy.... Nonetheless, as regards adoption and application of IAS a few stubborn issues remain to be resolved: in particular hedging of core deposits in the context of IAS 39 and the so-called 'insurance mismatch'. A European Consultative Group was recently set up to address these issues. Personally, I am still convinced that acceptable temporary solutions can be found in the short term, pending longer term work by the IASB. I have urged Sir David Tweedie to continue working in the short term with technical experts - around the clock if necessary - to try to find such appropriate solutions. One of the problems we have, unfortunately, is a lack of trust between the interested parties. Due process has not been optimal so far and must improve in future.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.