Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-06-13-Speech-2-192"
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"en.20000613.15.2-192"2
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"Mr President, in response to this question, I would first of all like to point out – and I am dealing with the second part of the question first – that it is a huge undertaking to persuade the seven thousand companies which I mentioned a moment ago, to switch to the IAS, the International Accounting Standards. Seven thousand companies are required to do this before the year 2005 and this will be quite something. To say at this early stage that these IAS should also apply to unlisted companies would be too much of a good thing, or
as they say in German. I hesitate to answer this question in the affirmative.
As far as the first part of the question is concerned, which refers to the voluntary aspect of setting up these International Accounting Standards, well, the Commission is waiting for the IASC (International Accounting Standard Committee), which originates in the private sector, to submit the standards. It is thus up to that committee from the private sector to lay down these standards. This will, of course, be done on the basis of a majority decision-making process within this committee and these standards then need to be laid down and approved, first technically and then politically. Technical approval is necessary because many of the components are so complex that one can hardly expect humble politicians to have the necessary technical know-how and this must be followed by political approval because it is a political matter which should also be laid down at political level. They are standards which are laid down by a committee from the private sector and are, as such, to some extent standards which have been produced on a voluntary basis. Once these standards are laid down and the European Union is of the opinion that they should be approved technically and politically, then this is what will be done. Everyone should then adhere to them. If the latter were not the case, it would, of course, make little sense to come up with international standards at all. In my opinion, a standard which combines a voluntary start, followed up by political approval and is then imposed on seven thousand companies strikes the right balance between being voluntary and compulsory."@en1
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