Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-04-24-Speech-4-054"
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"en.20080424.6.4-054"2
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"Madam President, the requirement since 2005 for publicly traded companies to use the IFRS (International Financial Reporting Standards) for their consolidated financial statements has been a wide-ranging and hugely influential political initiative.
About 100 countries are using the standards and their globalisation has provided comparability and transparency, thereby increasing the confidence of operators, creating a more level playing field and strengthening market discipline.
The proposal contains two great challenges relating to governance. On the one hand, the private entity, which has been setting worldwide voluntary standards since 1973 on a corporate and professional basis, now finds itself in a position of huge responsibility entailing a change in its nature, procedures and composition in order that it can become a transparent, controllable institution, with a legitimacy reflecting its new role.
It is necessary to recognise and coordinate the activities of all the public and private interests concerned and at the same time to secure the organisation’s financing and independence in the setting of standards. Furthermore, the organisation must be integrated into international governance.
It is also necessary to strengthen European accounting governance by adopting a more proactive and integrated approach to the preparation, approval, implementation and assessment of standards. It is vital to improve the conceptual framework of standards, and to bear in mind that they are neither neutral nor academic and can produce both winners and losers. Likewise it is important to assess their effects and ensure their compatibility with European strategy, to learn from financial upheavals and to regulate the accounting standards of administrative concessions in a balanced way.
The financial accounting arrangements for SMEs will need to be simple and be linked to their exploitation of the internal and global market. These matters are covered by Mr Radwan’s report, which has achieved broad consensus and comes at a very opportune moment in terms of the upcoming review at the end of 2009, envisaging the creation of a supervisory body and altering the composition of the Standards Advisory Council before next year."@en1
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