PracticeConsultingBrussels attacks ‘Anglo-Saxon’ standards club

Brussels attacks 'Anglo-Saxon' standards club

Controversy over IAS39 heightened this week after it emerged that European Union officials were in sympathy with states like France that believe the standard is driven by the UK and US and fails to address basic European concerns.

Link: IAS in ten minutes

A European Commission spokesman in Brussels said that, considering the Americans had not given a date for when they themselves might recognise IAS, ‘this was a bit rich’. ‘It’s a throwback to the time when the IASB was basically a club of the Anglo-Saxon accounting firms,’ the spokesman added.

Arguments over IAS39 have been raging for months and peaked two weeks ago when France, Belgium, Italy and Spain voted against the standard.

They had until yesterday to submit their views in writing to the European Commission. If just two of the states remain opposed it could be enough to derail the standard completely before the 2005 implementation deadline.

The European Bankers Federation (FBE) has proposed an ‘interest rate margin hedge’ and the IASB this month agreed to set up a special working group to consider the initiative, though it may not finish its work until next year, presenting a further threat to implementation.

As a result the FBE is questioning why it should apply IAS39 in its present form from the beginning of next year. The banks want a delay in implementation ‘and one can’t help but have a certain amount of sympathy for them’, said the EC spokesman.

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer