Commissioner McCreevy speaks about IFRS issues
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
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. |