Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-04-24-Speech-4-046"
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"en.20080424.6.4-046"2
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"Madam President, I would like to thank the Committee on Economic and Monetary Affairs and in particular the rapporteur, Mr Radwan, for the considerable work that has gone into this comprehensive report.
I see this as an evolutionary rather than a revolutionary process. We should build on the European Financial Reporting Advisory Group and I am ready to pursue this as a matter of urgency, including the possibility of using funding from the Community budget to support such a structure.
I must, however, sound a clear and unambiguous warning. This structure will in no circumstances become an embryonic European standard-setter, nor can there be any question of developing European interpretations of international accounting standards. Europe must and will remain part of the movement towards a single set of globally accepted accounting standards. Anything else would damage the international competitiveness of our companies and our capital market.
Turning now to the IASB’s project to develop an accounting standard for SMEs, let me begin by stating that the Commission currently has no legal basis to endorse this standard. Moreover, we have never made any commitment to take over whatever standard the IASB produces. We would only do so if we were genuinely convinced that the IASB produces a standard that meets the interests of European users.
The IASB has not yet finalised its project. However, at this stage the Commission’s views are clear. The current exposure draft published by the IASB remains too complex to provide a satisfactory accounting framework for European SMEs, especially for smaller companies. Our focus remains the simplification of the regulatory environment for SMEs, including in the accounting area.
It raises important issues for the future development of European and indeed global capital markets. In this brief intervention I cannot address all the issues raised in the report. Let me therefore focus on three points. One, governance issues; secondly the EU’s input to the International Accounting Standards Board, the IASB; and thirdly the project to develop an accounting standard for small and medium-sized enterprises.
On IASB governance, your report rightly highlights the fact that our shared objective is to develop high-quality global accounting standards. The EU’s decision to require listed companies to use international accounting standards was a bold and visionary step towards this objective. A single set of globally accepted accounting standards would provide significant benefits for our companies, our capital markets and our economy.
We must continuously strive to ensure that international accounting standards remain relevant in the face of changing economic circumstances and that they represent the interests of all stakeholders in a balanced manner. To ensure that these conditions can continue to be met, progress should be made as a matter of priority in three areas.
Firstly, the accountability of the International Accounting Standards Committee Foundation (IASCF), needs to be enhanced, in particular towards public authorities. The latter should play an active role in the selection and appointment of trustees. In this respect, the proposal that I, together with my counterparts in the US SEC, the Japanese FSA and the International Organisation of Securities Commissions, made last November goes in the direction advocated by your report.
Secondly, we need to look at how the IASB’s agenda-setting process can be improved. In particular, the process through which priorities are set needs to be made more open and more transparent.
Thirdly, the IASB’s due process should be enhanced, mainly by ensuring that standards are subject to a full impact assessment before they are adopted.
Your report makes constructive suggestions about these and related points. The forthcoming review of the IASCF’s constitution provides the opportunity to implement the necessary reforms. The committee will pursue them in consultation with this House, the Member States and our international partners.
Now, turning to the EU’s input to the IASB. Your report argues that the EU needs to strengthen its capacity to make its views on accounting matters heard at the international level. I agree. In particular we should seek means to ensure that the views of European stakeholders, especially proactive input to the IASB’s agenda-setting process, can be put to the IASB in a more timely and coherent manner."@en1
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