French expected to lobby for greater IFRS control
06 Nov 2009, Accountancy Age, AccountancyAge
http://www.accountancyage.com/aa/news/1749043/french-expected-lobby-ifrs-control
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.
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Visitor comments
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Yours faithfully,
Karen Conneely
Group Commercial Manager
Real Asset Management
www.realassetmgt.co.uk
Posted by: Karen Conneely , 18 Nov 2009 | 00:00