Speaking at the FEE Conference on Audit Regulation in Brussels, Commissioner McCreevy focused on EU – US relations, particularly of the reconciliation agreement with the US SEC. McCreevy criticised those who argue that the SEC should have accepted an EU brand of IFRS along with IFRS as adopted by the IASB.
“The difference between IFRS as adopted in the EU and IFRS as adopted by the IASB concerns one minor optional carve-out”, he said. “To my knowledge there is only one single EU company listed in the US which is concerned by this carve-out.”
However, the IASB is said to already have a solution for the carve-out for the IAS 39.
In future, McCreevy explained that Europe need to have a close look at the standard setting process by the IASB and called for “more transparency, better consultations, impact analyses at an early stage, thorough field-testing of any new standards to avoid unwanted or even unexpected consequences.”
“Now it will be Europe's turn to accept accounts in US GAAP”, the Commissioner said. “This decision will have to be taken next year.”
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