EU Commissioner cites accounting challenges

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May 7, 2009. EU Commissioner cites accounting challenges.

European Commissioner Charlie McGreevy summed up the practical challenges involved in internationalization of accounting standards in his keynote address at the “Financial Reporting in a Changing World” conference in Brussels on May 7th. His remarks focused in part on the lessons learned from the financial crisis and the future direction of accounting and financial reporting. The challenges cited by McGreevy:

The need for accounting standard-setting to be both independent and “fully accountable.”
The need to overcome perceptions of a “lack of flexibility on the part of the IASB to adapt or react rapidly.”
The notion that “accounting rules should not be seen in strict isolation from prudential rules and other reporting requirements.
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