Commissioner McCreevy comments on IFRSs

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30 May 2005

In a speech on A Changing Landscape for Business in Europe at the annual conference of the Institute of Certified Public Accountants in Ireland, EU Internal Market Commissioner Charlie McCreevy commented on various issues relating to IFRSs, including the following: Accounting and auditing: the global challenge for regulators: "The interrelationship in markets is the primary reason why, five years ago, Europe opted for international accounting standards....

The move was made because it fosters international convergence of accounting standards and keeps our capital markets attractive for overseas issues of securities. But even more importantly it eases our companies' access to other markets where IAS is accepted."
  • Convergence and equivalence of global standards: "Reaching IAS/US GAAP technical equivalence would be a significant step forward. But it should not stop there. There should be a clear and permanent recognition of equivalence of accounting standards."
  • Interpretation of IFRSs: "One means we are considering to do this is a 'European Forum', which would bring together the interested parties, namely regulators, standard setters, preparers, and the profession."
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