Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-04-24-Speech-4-172"
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"en.20080424.18.4-172"2
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"The issues raised in the report by Mr Radwan seem highly technical but they are very important.
The public authorities should certainly have a say in the definition of accounting standards, because these have such an impact on all the actors in the economy and even on national tax revenue. It is not right for a private body to be set up
as a real legislator, without any political control, especially since the technical legitimacy of the IASB is increasingly being called into question by its approach to the issues involved, which is more theoretical than professional. Besides that, its geographical and professional composition leaves something to be desired. Yes, new standards should only be adopted if they are useful and necessary, after a careful cost-benefit analysis. Yes, the role of the IASB should be confined to companies quoted on the stock exchange and should not include SMEs.
As for the 'fair value' principle, it favours a short-term approach and makes financial results the dominant factor in company management. It increases financiarisation of the economy and volatility of the markets. The European Union should refuse to apply that standard. However, the position of the rapporteur on that subject is not all that clear. We are therefore abstaining on his report."@en1
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