Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-04-24-Speech-4-173"

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"en.20080424.18.4-173"2
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"Since January 2005, EU publicly traded companies have been obliged to use international accounting standards for their consolidated financial statements. These standards have been developed by a private organisation (the International Accounting Standards Committee Foundation and the International Accounting Standards Board (IASCF/IASB)) that is funded by private sources (mainly companies in the same field) and not subject to any public control. Although the present report includes aspects that we have reservations about, it does propose certain measures to deal with the situation and is cautious about the possibility of applying this type of international accounting standards to small and medium-sized companies. However, it is important to be clear that it is not possible to cure the patient with palliative measures that aim to minimise the consequences of financial speculation and prevent the occurrence of situations that might lead to the collapse of the international financial system, as a way of perpetuating the increasing liberalisation of capital movements. We have to tackle the root of the problem: the increasing control of the economy by finance capital and the increasing level of financial speculation, with the consequent flight of productive investment. We have to put the financial systems at the service of the progress of peoples and their countries and not at the service of big capital!"@en1

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