Eurocrats applaud standard setters pact

Eurocrats applaud standard setters pact

The European Commission has welcomed the deal struck between the International Accounting Standards Board and the US Financial Accounting Standards Board to harmonise their systems by 2005, because it strengthens EU legislation requiring the use of IAS.

Link: World edges closer to global standards

Frits Bolkestein, internal market Commissioner, said: ‘The announcement… will in particular help the US Securities and Exchange Commission to accept financial statements prepared by EU companies in accordance with IAS, without reconciliation to US GAAP, for the purposes of listing on US markets.’

He added: ‘The recent (Enron etc) scandals have shown how important top quality accounting standards are for the health of all financial markets,’ adding that the deal would improve the efficiency of global capital markets, cutting costs, improving comparability and enhancing corporate governance.

The move will undermine criticism of Brussels’ IAS legislation, which had been attacked for forcing EU companies to use accounting models that were not used in the US.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource