|
|
06 Nov 2009
French finance minister Christine Lagarde is expected to lobby her G20 colleagues in Scotland this weekend for more political control of international accounting standards, according to reports in the press.
The Wall Street Journal claims that Lagarde remains concerned that the International Accounting Standards Board lacks political oversight, though she is expected to have little success with this argument among her fellow finance ministers.
The paper’s headline even declares "Paris mounts the barricades".
The profession was confused last month by remarks from Largarde in a piece for the Financial Times.
She wrote: “Further progress is also needed on accounting standards. Regulators should have their say on their ultimate purpose and ensure they do not promote volatility.
“Market value must be used, when relevant, in considering how a business uses its assets. But it should not be an excuse for failing to measure, assess and account. This is not a political issue but rather a matter of concern for society."
Some saw the remarks as meaning that standards should be manipulated to aid financial stability, a view not held among UK regulators.
Read more:
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment
IFRS offers the opportunity to utilise the asset register to maximise business benefits.
It?s true that the new IFRS reporting complexity combined with an extraordinary increase in asset numbers does present a series of challenges to financial departments. But the new standards will, in time, offer tangible business benefits and increased cost efficiencies which will make any disruption caused during this transitionary period, as organisations completely readdress their asset register requirements, seem like a very necessary catalyst leading ultimately to a far more productive time.
A centralised, automated asset register is key if organisations are to reap the maximum benefits. This vital tool will not only streamline year end audits and reduce the reliance on specific, skilled personnel but will also provide the detailed insight into corporate assets required to enhance capital expenditure decision making.
Once established, this new set of standards will offer an astonishing level of visibility throughout the fixed asset register, maximising business value, streamlining processes and allowing organisations to achieve their full business potential through the prudent management of resources.
Yours faithfully,
Karen Conneely
Group Commercial Manager
Real Asset Management
www.realassetmgt.co.uk
Posted by: Karen Conneely, 18 Nov 2009 | 00:00