Europe’s new commissioner will be questioned on his approach to controversial
accounting practices, central to relations between Europe and the US, the
Financial Times reports.
Michel Barnier, France’s new European commissioner, will face a long list of
questions from parliamentary members keen to hear his views on a range of issues
including the debate over fair value accounting.
The Financial Times has sighted a list of questions to be put to the new
Barnier’s approach to fair value accounting will likely set the tone for his
relationship with the International Accounting Standards Board which brought in
a simplified fair value standard for measure last month.
The fair value principle has been at the centre of controversy following the
financial crisis. The principle forced companies to write down billions of
pounds and euros as asset values plummeted in illiquid markets.
The French have opposed the use of fair value, a stark difference from their
counterparts in the US who are planning to beef up their fair value model.
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