Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-10-23-Speech-1-148"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2006-10-23"^^xsd:date2
dcterms:Is Part Of	lp_eu:Implementing measures (level 2) of the "Transparency" and "Prospectus" directives (debate)2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20061023.19.1-148"2
lpv:hasSubsequent	lp_eu:2006-10-23-Speech-1-1492
lpv:speaker	lp:John Purvis2
lpv:spoken text	". Mr President, in this era of globalisation we often bemoan Europe’s laggardness in setting global standards. However, International Financial Reporting Standards (IFRS) are essentially a European project incorporating a principles-based system of accounting. Much of the world will adopt that European accountancy standard. It is appropriate that we allow third countries the time to adapt, but 1 January 2009 is surely long enough a delay for that purpose. Until now our European companies have had to adapt to US general accounting principles while we accepted US Generally Accepted Accounting Principles (GAAP) in Europe. With IFRS there is no reason for that discrimination to continue. I am glad that the American authorities are intent on meeting the deadline for agreeing equivalence. They even seem increasingly persuaded of the advantages of principles-based accounting. Nevertheless, finding commonality between a strict rules-based system and a more flexible principles-based system is not simple. Both sides of the Atlantic agree that equivalence, rather than strict convergence, will be a suitable outcome. That is why we call upon the Commission to stick to the January 2008 deadline to define what equivalence will be, so as to make the ultimate time limit of 1 January 2009 a strict time limit. Any third-country companies reporting in the European Union from that date on will have to report either in IFRS or an accounting system that is agreed to be equivalent, and that agreement will be reciprocal. European accounts, in accordance with IFRS, will be accepted without adjustment in the US and other consenting third countries. That will help European companies to cut costs and compete for capital in a globalised marketplace. My group looks to the Commission to pay due attention to the proposals in our joint resolution and to achieve a successful outcome of these important negotiations before 2009."@en1
lpv:spokenAs	member; Delegation for relations with Iran (2004-10-13--2007-03-13)3 member; Delegation for relations with the Mashreq countries (2004-09-15--2007-03-13)3 member; EPP-ED (2004-07-20--2009-07-13)3 unknown; Scottish Conservative and Unionist Party (2004-07-20--2009-07-13)3 substitute; ITRE (2004-07-22--2007-01-14)3 substitute; Delegation for relations with the Gulf States, including Yemen (2004-09-15--2007-03-13)3 member; Committee of Inquiry into the crisis of the Equitable Life Assurance Society (2006-02-16--2007-06-19)3 vice-chair; ECON (2004-09-01--2007-01-14)3
lpv:unclassifiedMetadata	"John Purvis,"1 "on behalf of the PPE-DE Group"1

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