Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-03-12-Speech-3-923-000"
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"en.20140312.74.3-923-000"2
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"Mr President, two years ago a group of British investors contacted me to express their concerns about international accounting standards and the standard-setting procedure. They felt that accounting standards had moved away from the concept of ‘true and fair’. They were concerned about the reluctance of standard-setters to address concerns over the loss of prudence. As elected representatives we have a duty to ask questions where appropriate and to investigate whether faulty accounting standards played a role in the financial crisis. As we sought answers, it became clear that there were valid concerns about the governance of these bodies.
Is it right for the EU to outsource standard-setting to what is in effect a private-sector body, funded by taxpayer’s money? As a result of pressure from MEPs across the political spectrum – many of whom are in this House tonight – we saw the Maystadt report leading to reform of the European Financial Reporting Advisory Group (EFRAG). Now we need a similar review of the International Financial Reporting Standards Foundation (IFRS) and the International Accounting Standards Board (IASB), to decide whether these bodies are best suited to ensuring that accounting standards are fit for purpose and determining whether they are showing value for money."@en1
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