Commissioner McCreevy again speaks about IFRS issues

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13 Apr 2005

For the third time this month, Charlie McCreevy, the EU Commissioner for Internal Market and Services, spoke publicly about issues relating to the IASB and IFRSs.

On 7 April 2005, at a European Policy Centre Breakfast Briefing on the future of Internal Market regulation, Mr. McCreevy discussed convergence of IFRSs and US GAAP and governance of international standard setters such as the IASB. On the latter issue, the Commissioner said:

The governance, financing, participation in and the accountability of international standard setters, in particular the International Accounting Standards Board (IASB) and the International Auditing and Assurance Standards Board (IAASB), is becoming a subject of heated public debate.

The Commission is working hard to influence the reform process underway within the International Accounting Standards Board (IASB). We are also looking very carefully at the arrangements proposed for the International Auditing and Assurance Standards Board (IAASB) which will elaborate International Standards on Auditing.

The governance of international standard setters is high on our agenda and will remain there in the coming months. During my visit to the US I intend to talk to Paul Volcker, the Chairman of the Board of the IASB Trustees to see how we can best do this. We will also raise these issues in our talks with the other American counterparts.

Click to (PDF 77k). See also our news stories of 5 and 6 April 2005 for other IFRS-related speeches by the Commissioner.

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