PracticeAuditMcCreevy meets IASB board in London

McCreevy meets IASB board in London

Charlie McCreevy has met members of the International Accounting Standards Board (IASB) in London for the first time in his role as the EU's internal market commissioner.

Link: IASB accountability questioned

In an hour of talks, about 30 minutes were dedicated to IAS39 (the standard for financial instruments) according to Tom Jones, the vice-chairman of the IASB. The other half was dedicated to the commissioner’s plan for the future and his new role.

At the end of the meeting, the EU failed to completely endorse the IAS39.

‘The EU has endorsed about 40 standards in full, but there are 10 or 15 paragraphs from IAS39 which still need to be endorsed,’ said Jones. ‘These paragraphs concern specific rules governing derivative instruments and the efficiency of hedges’.

According to Jones, both the EU and the IASB hope the lack of success in reaching a full agreement will be temporary. ‘When you change rules there will always be natural tensions. Some people can be satisfied and live with the full 39 – but not others and hence the noise. We want solutions that everyone can live with,’ he said.

‘In the long run, we need to rethink the whole area of financial instruments which are very complex and looking at ways to simplify them.’

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