Commissioner McCreevy's comments on convergence

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08 Apr 2006

Charlie McCreevy, the EU Commissioner for Internal Market and Services, spoke about (PDF 77k) at the IASCF 'convergence conference' in Frankfurt earlier this week.

His comments centred on three areas:
  • Application of existing IFRS in the EU
  • What does 'convergence' mean?
  • Beyond convergence
Commission McCreevy's overall conclusion:

High quality financial reporting is fundamental for an integrated European capital market which operates effectively, smoothly and efficiently. Europe made a visionary step to require the use of IFRS: now we must see to it that they are consistently applied and interpreted across the EU so that companies can reap maximum benefit. I am a firm believer in truly global accounting standards that serve efficient capital markets around the world and we have an opportunity at the moment to ensure that the momentum towards convergence is maintained so that these benefits can be felt, not just for companies within the EU, but also for companies across the globe.

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