Local view for "http://purl.org/linkedpolitics/eu/plenary/2016-06-07-Speech-2-479-786"
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"en.20160607.32.2-479-786"2
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"I abstained on this own-initiative report, which evaluates 10 years of implementation of the International Financial Reporting Standards (IFRS) and the international standards on auditing (ISA) set by the International Accounting Standards Board (IASB) in the EU.
The report is a response to the Commission’s evaluation of the implementation and makes proposals to the IASB which is in the process of creating a globally applicable standard for financial reporting.
There are positive aspects to this in terms of regulating financial instruments so that they provide more accurate and transparent information to investors (for example about risk) and in challenging the ability of companies to falsify their records.
However, I believe this report should have also called for improving the governance of the standard-setting organisations to ensure their independence from corporations, which was opposed by conservatives at committee level, meaning it was not included in the final report.
I also object to the overall goal of the report which states the proposals on standards are primarily aimed at ensuring the efficient functioning of the Capital Markets Union, a concept I am strongly opposed to.
For these reasons I abstained."@en1
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