EC Commissioner McCreevy speaks about IASB

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03 Feb 2005

In a speech before the Economic and Monetary Affairs Committee of the European Parliament in Brussels on 1 February 2005, Charlie McCreevy, the new European Commissioner for Internal Market and Services, spoke about "democratic governance and political accountability of international standard setters".

He specifically addressed the International Accounting Standards Board (IASB) and the International Auditing and Assurance Standards Board (IAASB). An excerpt:

The Commission is working hard to influence the reform process underway within the IASB and is looking very carefully at the arrangements proposed for the IAASB which will elaborate International Standards on Auditing. In considering this issue we must not lose sight of our overall goal, namely the adoption of international standards which will make it easier for companies to list in the EU and elsewhere across the globe. There are 3 key points:

  • First, that representation within the international standard setter and within a public oversight body should correspond more appropriately to jurisdictions that directly apply the standards.
  • Second, that effective oversight bodies which approve the work programme of an international standard setter should be in place....
  • Third, the funding system; the standard setters are currently sponsored by voluntary contributions from contributors ranging from central banks to listed companies, which raises potential issues of conflict of interest. I therefore welcome the Board of Trustees of the IASB's intention to change this.
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