Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-04-24-Speech-4-052"
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"en.20080424.6.4-052"2
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"Madam President, I must echo the compliments paid to Mr Radwan, not least because his report has enabled us to have a very interesting debate on the conflicts between legislation and self-regulation, especially at world level.
I appreciate that our aspirations place us in a quandary. On the one hand we want these international standards, applicable worldwide, but on the other hand we insist on our authority as co-legislator to judge the substance of those standards and to discharge our duty as co-legislator responsibly. I think the European Parliament has shown latterly that it does that.
To my mind the key lies in timely consultation, in a balanced consideration of the interests of all stakeholders, including third-party interests of employees, local authorities, suppliers and so on (because adequate financial reporting benefits more than just money providers alone), and a sound assessment of the consequences. The Commission has a weighty responsibility here. And in the immediate future these things must be done on behalf of small and medium-sized enterprises. We can make this a really worthwhile project for the EU.
Lastly, I have two comments which are also relevant to another report which we shall be voting on in our next part-session, Mr Lehne's report on a simplified business environment for companies. Here too I have taken the line that rules are not just for companies, money providers and the accountants who earn their living from them, but also for employees and other groups. So we must not meddle with the quality of the rules. I have advocated that the rules should in any event be applied to delisted companies and off-balance activities. I hope you will agree that there is also work for the IASB to do in that area.
I will end by repeating my heartfelt endorsement of the XBRL standard. As you are aware, the US SEC is about to take a decision making this mandatory. I urge you to think about how Europe should respond to this, and encourage you to draw up a roadmap for Europe accordingly."@en1
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