BdB in favour of adopting IAS into European law

15 July 2003

The Association of German Banks (BdB) supports the Commission’s draft regulation that envisages endorsing existing IAS with the exception of IAS 32 and IAS 39. These two standards are highly controversial among accounting experts because they lead to considerable distortions in financial statements, particularly those of banks.

“The EU Commission shares the reservations of the European banks”, said Manfred Weber, General Executive Manager and Member of the Board of Directors of the Association of German Banks. “The partial endorsement of IAS sends a clear message to the IASB that the serious flaws in the standards must finally be eliminated.”

BdB press release

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