EPP-ED Group:

Theme of the day of 24-25 April 2008

The IFRS and the IASB

© European Parliament

Alexander RADWAN MEP
EPP-ED Group in the European Parliament

The International Financial Reporting Standards (IFRS) and the governance of the International Accounting Standards Board (IASB) are difficult terms which are the subject of a report by Alexander Radwan MEP (EPP-ED, Germany), adopted by the European Parliament on Thursday, 24th April. The rapporteur is targeting better transparency for international accounting standards.

Mr Radwan raises serious doubts about the transparency and the democratic accountability of the International Financial Reporting Standards (IFRS) set up by the International Accounting Standards Board. The report thus underlines the lack of the Board's transparency, legitimacy and accountability because it is not subject to any democratic control.

The rapporteur also states that these standards are far too complicated and unpractical for Small and Medium-Sized Enterprises. To ensure better convergence and equivalence of accounting standards, EU representation in such bodies should be improved and a clear political mandate given.

Press Release:

24/04/2008

Europäisches Parlament spricht sich gegen IFRS-Vorschriften für mittelständische Unternehmer aus/ EP against International Financial Reporting Standards regulations for SMEs. Alexander Radwan MEP

	Report on International Financial Reporting Standards (IFRS) and the Governance of the International Accounting Standards Board (IASB)
	EPP-ED Policy website on Committee on Economic and Monetary Affairs
	European Parliament site on Committee on Economic and Monetary Affairs
	Website of Alexander Radwan MEP

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