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Commissioner McCreevy speaks about IFRS issues

  • European Union (old) Image

06 Apr 2005

In a speech to the Institute of Chartered Accountants in England and Wales in Brussels yesterday, Charlie McCreevy, the EU Commissioner for Internal Market and Services, discussed a range of issues relating to IFRSs, including: .

In a speech to the Institute of Chartered Accountants in England and Wales in Brussels yesterday, Charlie McCreevy, the EU Commissioner for Internal Market and Services, discussed a range of issues relating to IFRSs, including:

  • Convergence of US GAAP and IFRSs
  • Convergence of Japanese GAAP and IFRSs
  • EC consideration of the equivalence of US, Canadian, and Japanese GAAPs to IFRSs
  • The EC 'carve-out' of two sections of IAS 39
  • Independence of the IASB
  • The need for interpretations
  • Enforcement of IFRSs
  • Auditor oversight
  • The need for international regulatory cooperation in a globalised world
With regard to interpretations, Commissioner McCreevy commented:

Standards must not be undermined by a myriad of interpretations leading to a rules-based system. I very clearly see that the important players, such as the European Financial Reporting Advisory Group (EFRAG), CESR, and the national standard setters, have to ensure that this does not happen. And we need to consider how the links between a strengthened EFRAG and the IASB can be better defined.

Click to (PDF 77k). See also our news story of 5 April 2005 about a related speech by the Commissioner.

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