PracticeAccounting FirmsBolkestein slated over IAS39

Bolkestein slated over IAS39

The ICAEW has turned on the EU over the handling of controversial derivatives standards IAS39.

Links: Bolkestein admits IAS39 will cause market confusion

The institute’s chief executive Eric Anstee told The Daily Telegraph the process of setting international accounting standards was suffering from political interference.

‘The real loser here is the accounting standards process, as it is being politically interfered with. We’re very disappointed with the EU. IAS39 is not perfect but you adopt what’s there and then amend that rather than have this double standard system,’ he said.

Frits Bolkestein, the commissioner in charge of standards at the European Commission, this week admitted that IAS39 in its current rewritten form would be confusing but was a chance worth taking.

Alan Blewitt, chief executive of ACCA is reported as saying that Bolkestein appears to have washed his hands of the issue.

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