New EU accounting laws pave way for IASs

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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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