TOO FAST a shift to new international accounting standards risks financial stability, the European Commission has warned.
Speaking at a conference, EC official Jeroen Hooijer said that the international standard setter's June 2011 target to complete the most complex rule-set was coming in too fast, reported Reuters.
Hooijer wants more testing of the applicability of the new rules.
"We would like to slow down to 120. We don't want to stop it. If you drive to the south of France and you only arrive half an hour later, the risk of an accident is 70 percent lower," Hooijer said.
Convergence with US accounting rules could occur by the end of the year.
You may also like
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.