RegulationAccounting StandardsConvergence is more than ‘cut and paste’, says Pervenche Beres

Convergence is more than 'cut and paste', says Pervenche Beres

Chairwoman of the Econmic and Monetary Affairs committee says convergence between US and EU rules should be carefully reviewed

The European Commission should review new segmental reporting standards in
two years, on top of the IASB’s review, an influential MEP has said.

The proposal comes from a draft motion on the issue, which the Economic and
Monetary Affairs Committee will vote on next week.

The commitee’s chairwoman, Pervenche Berés, told a meeting in Strasbourg this
week that convergence between US and EU accounting rules should not just mean
‘cutting and pasting’ US rules for the EU.

The committee has been tasked with deciding whether to support the EC’s
proposal to adopt segmental reporting standard, IFRS 8.

The moves came as a surprise, given that a report presented to the committee
two weeks ago by the Internal Markets Commission suggested supporting the
standard.
The standard has been widely contested by investors and campaigners who have
lobbied for country-by-country reporting.

Both Berès and German MEP Alexander Radwan emphasised the need to preserve
and make full use of parliament’s legitimate role in the approval of accounting
standards.

The committee is expected to vote on adoption on 3 October.

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