Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-04-24-Speech-4-049"
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"en.20080424.6.4-049"2
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"Thank you, Commissioner, for managing to come to Strasbourg. Thank you also to the rapporteur, in your Bavarian costume. I think we worked very well together, and the way in which it was possible for various people’s amendments to be incorporated in your report is proof of that.
First of all, I should like to make three points about accounting standards. It seems to me that, in terms of the governance and operation of the body responsible for setting these accounting standards, we are in an unusual situation. There are many forms of standardisation. Not all of them have such a strong impact on financial stability, or on the issues, in terms of power and governance, as accounting standards have. What is happening today is an important event, a passage to adulthood.
When these accounting standards were formulated, perhaps by auditors who worked amongst themselves, they basically prepared the ground very well. Nowadays these accounting standards are international. They are used and applied by everyone and so the question of governance is crucial.
How does the body responsible for setting these accounting standards fit in with international governance, in relation to democratic bodies, bodies that legitimately represent State power, and the European Union in particular?
The second point we need to look at in regard to governance is of course the balance between those bodies. What is the geographical balance, what is the balance in the representation not just of those who draw up the standards, but also of those who will have to use them?
The third point is financing. How are these bodies to be financed? Might the idea of a levy on businesses, which would be coordinated by regulatory bodies, be worthwhile? Could they be financed by government, by the European Community? We hope that the Commissioner will be making some strong proposals on that point.
The fourth question in regard to those bodies is the programme. Is it right for them to develop the concept of fair value when we know the effects that can have on financial stability? Is it right for this body to develop an SME programme that Europe does not need? Is it right that, on this issue of standards for SMEs – just because, as our rapporteur has said, South Africa or Australia might need them – the Commissioner did not make sure that Europe had a say in those bodies. It is absolutely essential, as a first step, that Europe should make sure it is there to represent the strength of all the Member States and the voice of Europeans, in the IASB, the IASCF and IFRIC. Commissioner, that is your responsibility. We are expecting strong proposals from you on that point."@en1
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