TOO FAST a shift to new international accounting standards risks financial stability, the European Commission has warned.
Speaking at a conference, EC official Jeroen Hooijer said that the international standard setter’s June 2011 target to complete the most complex rule-set was coming in too fast, reported Reuters.
Hooijer wants more testing of the applicability of the new rules.
“We would like to slow down to 120. We don’t want to stop it. If you drive to the south of France and you only arrive half an hour later, the risk of an accident is 70 percent lower,” Hooijer said.
Convergence with US accounting rules could occur by the end of the year.
Signed into law by president Barack Obama in 2010, the Dodd-Frank legislation has tightened regulation of the US financial system
Just when SMEs thought they knew the lie of the land in terms of the Brexit timescale, Theresa May has caught them by surprise. Salvador Amico of Menzies asks how SMEs should react to the news of a snap election on 8 June
With the general election on 8 June, CIOT has warned against rushing through extensive legislation without adequate scrutiny and an appropriate timeframe to make necessary amendments
Yet, KPMG’s annual survey shows that the UK is still an attractive place to do business, despite falling in rankings in tax competitiveness and FDI appeal