Political agreement has been reached at the European Union's Council of Ministers over a proposed harmonisation of national accounting laws for businesses that do not yet have to apply International Accounting Standards.
Link: Companies face global rules wake-up call
National governments are keen to see the proposal swiftly become law and have forwarded their common position to the European Parliament with a request that it approves the proposed directive ‘at the earliest possible opportunity’.
Its aim is to cajole Member States into dragging their remaining distinct national accounting laws closer to IAS blueprints. The proposals would also make it more difficult to hide liabilities by using superficially separate ‘special purpose vehicles’.
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