Ed Balls will today announce an agreement with the European Commission to give London-listed companies a two-year opportunity to apply EU accounting standards
Accountancy Age, 06 Nov 2006
Ed Balls has struck a deal with the European Commission to hold off the 2007 deadline by which companies from outside Europe with London listings must convert to EU accounting rules
This follows growing concern that several companies listed on the London Stock Exchange might have to delist because they could not convert to European accounting standards in time for the January 2007 deadline, The Times reported.
Balls is to share the announcement with a group of investors in Japan today, in a move that will further secure London's position as listings destination of choice.
The City secured 26% of the market for initial public offereings this year, sharply contrasting with New York's 6.5%.
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