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
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
The committee is expected to vote on adoption on 3 October.
The new team will begin their new roles on May 9, 2017 for a year term
Committee expresses concern about costs to businesses and April 2018 implementation date
The ACCA has announced a regular Global Forum focussing on education
After a seven-year saga, a result has been reached between Margaret May and CIMA over misconduct