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.
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Improvements to cashflow statements are being targeted in a consultation launched by the Financial Reporting Council (FRC)