Application and enforcement of IFRSs in Europe

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14 Jul 2005

In a recent (PDF 74k) in London, Charlie McCreevy, the European Commissioner for Internal Market and Services, commented on the benefits to Europe of rigorous application and enforcement of IFRSs: Over the coming months, Europe must show it can deliver on effective application and enforcement of IAS.

This will be one of the first tests for our supervisory structures. It is a test we cannot afford to fail. If we do we will lose the prize now within our sights of reducing costs for business through recognition of equivalence of accounting standards. In a globalised economy Europe has to act in a global way – and lead.

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