Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-04-24-Speech-4-048"
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"en.20080424.6.4-048"2
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"Madam President, first of all my compliments to Mr Radwan on getting this thorough report completed. It was under discussion up to the very last minute. In its final form it is a report that is clear, but sometimes critical too. The rapporteur is convinced that the IASB's democratic accountability has to be improved and I am glad to see the IASB taking this criticism on board.
The Chairman of the Trustees, Mr Gerrit Zalm, indicated recently in the European Parliament that he was open to suggestions and ready to put forward proposals on adapting the structure. The IASB is working on IFRS standards for small and medium enterprises. I agree with the rapporteur that IFRS are too complex and too expensive for SMEs. I also believe that encouraging the voluntary use of IFRS by SMEs would carry the risk of them being introduced into Europe by the back door. In my view there has to be differentiation according to company size. It is a good thing to have big multinationals, banks and insurance companies which operate worldwide producing their annual accounts to a single standard. But small and medium-sized enterprises in Europe should have their own standard.
The IASB has achieved much in respect of internationally listed companies and accounting standards for them. If SMEs are now saying that cost and effort can be just as well managed using more than one standard, we cannot have a single standard being imposed from the top down. It is also very important that the interests of investors and of transparency should be considered too. Policy is there to facilitate, to ensure that there is sound, transparent and cost-effective information on business performance. I think the proven benefits of IFRS can also benefit European equity markets, certainly if the Americans exchange their US GAAP system for IFRS. Comparability here can be very beneficial to international investors and stakeholders. The idea behind IFRS thus deserves to be supported by the European Parliament."@en1
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