Big Four key to IFRS in the EU

The Big Four should play a ‘key’ role in the European implementation of international accounting standards, according to president of the Committee of European Securities Regulators and CEO of the Financial Services Authority.

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Speaking at the ICAEW conference in Brussels yesterday, John Tiner said that experience of what will be seen as appropriate and inappropriate use of IFRS ‘is rather limited’ and ‘may not be clear, at least initially’.

He said there was no easy way to address how different jurisdictions would interpret their own principles-based approach to reporting.

‘Audit firms have a particularly key role in ensuring consistent interpretation across the European Union,’ said Tiner.

He said that the Big Four’s experience of the consistency of interpretation across borders would be key.

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