Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-04-24-Speech-4-053"
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"en.20080424.6.4-053"2
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"Madam President, there are issues with the transparency and governance of the International Accounting Standards Board (IASB), but it has accepted this criticism and acknowledged the need to change. Steps have been taken and more are planned: publication of feedback statements, explaining the reasoning behind its decisions, pushing cost-benefit analyses and enlargement and more active involvement of the board of trustees. It bent over backwards to communicate with Parliament.
Mr Radwan’s report is much improved from earlier versions and I believe the positive amendments from the PPE-DE and ALDE Groups will further improve the text today.
I would like to thank the rapporteur because, although we have had our differences, he was willing to compromise in certain areas on this governance aspect. Unfortunately, I am unable to agree with him on the issue of International Financial Reporting Standards for SMEs. The IASB was asked to draw up a simplified version for SMEs. Mr Radwan’s report declines to acknowledge that this could also be useful in the European Union. In fact, with the proposal still only at the drafting stage, the report proclaims that it will definitely not benefit EU companies.
Yet we have been told repeatedly that it will be optional and is designed for those growing SMEs which aim to become public listed companies. Small enterprises with no aspirations beyond their local markets need not take it up. An opinion survey last September found that a clear majority of European SMEs, including German SMEs, considered the benefits outweighed any disadvantages and would improve financial reporting.
The efforts of the IASB to develop global accounting standards of a high quality are a major and welcome contribution to the European and world economies and, frankly, I think we should be applauding them."@en1
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