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European Council comments on IFRSs and IASB

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23 Mar 2009

The European Council (the heads of state or government of the European Union member states) met in Brussels on 19-20 March 2009. The Report of the Meeting includes the following comments on IFRSs and the IASB:

The magnitude and the underlying causes of the ongoing global financial and economic crisis demonstrate the need to reshape macroeconomic global management and the regulatory framework for financial markets. Prudential rules, crisis management arrangements and the supervisory framework must be strengthened at the national, European and global levels. Financial regulations should dampen rather than amplify economic cycles. The European Council urges the FSF, Basel Committee on Banking Supervision and Commission to accelerate their work and to swiftly submit appropriate recommendations. This should be complemented with a strong EU initiative in reviewing international accounting standards....

Improve prudential rules and accounting standards to mitigate their pro-cyclical effects and enhance the accountability of the International Accounting Standard Board, by further reforming its governance and mandate.

Click to view the Report of the Meeting (PDF 216k).

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