While the institute backed the standards as a ‘key step’ towards transparency and accountability in the global marketplace, it was disappointed that the Commission introduced an endorsement mechanism to oversee the integration of the accounting standards into the European Union.
Commenting on the Commission’s Financial Reporting Strategy, the new English ICA president Graham Ward, said: ‘IAS will have a significant bearing on the integrity of European capital markets.
‘Whilst we were disappointed that the endorsement mechanism was seen as necessary, we hope that it will be regarded as a transitional measure and that the quality of output of the restructured International Accounting Standards Committee will quickly render the mechanism superfluous.’
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