Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-23-Speech-4-106"
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"en.20081023.21.4-106"2
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"Madam President, accounting standards are the key element of the language of financial services. For investors, the moves to converge the national standards of accounting to the International Financial Reporting Standards (IFRS) are a great step forward. It means that companies will be able to publish accounts in one basic form, which should be accepted in the major economies around the world. Canada, China, Japan, the USA – and now, it seems, India as well – are in agreement in the wish to converge their standards towards IFRS.
Although I welcome this, as the rapporteur for the transparency directive, I recognise that work to achieve actual convergence still has to be done. This is why I and my fellow rapporteur, Margarita Starkevičiūtė, have approved the amendments to monitor the progress of this convergence process. I trust that the Commission, in their discussions with various national authorities, can keep the momentum moving. With regard to the USA, I am keen that a new administration can be trusted and relied upon to make the substantial progress that it is needed. The Commission should keep pressure on this.
On accounting standards themselves, it is vitally important to keep the underlying approach, as agreed within the International Accounting Standards Board (IASB). The integrity of these rules will be tested by attempts to dilute them for national reasons. This should be resisted strongly, and fair value accounting must be supported in the face of such pressure."@en1
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