ECOFIN will discuss IASB governance and 'credit crunch'
05 Jul 2008
The European Union's Economic and Financial Affairs Council (ECOFIN) will meet in Brussels on 8 July 2008. Their agenda includes discussion about IASB governance, and also about accounting and disclosures by financial institutions.
International accounting standards – IASB Governance The Council should adopt the conclusions on the reform currently taking place in the International Accounting Standards Board (IASB), following the public consultation launched at the end of May (11183/08). It has already considered the governance and financing of the IASB, and adopted conclusions on this subject in July 2006 and July 2007. There are two reasons why conclusions must again be adopted this year:
Financial markets – Implementation of current initiatives The Council will review developments on current initiatives, in accordance with a 'road map' adopted at its meeting last October in order to deal more effectively with the turmoil on financial markets since August 2007. The Council should adopt conclusions on two issues in particular:
The Committee of European Banking Supervisors recently drew up recommendations to give guidance to banks in evaluating their assets. According to the draft conclusions, this is a very important factor in ensuring greater consistency in the practices of financial institutions, which is essential for restoring confidence in the real situation of the market. |