Speech McCreevy: IFRS – No Pain, No Gain?

19 October 2005

On the occasion of the official opening of FEE’s new offices in Brussels Commissioner McCreevy defended the Commission's decision to adopt international financial reporting standards amid growing criticism of the new regime, but admitted that the process was 'difficult'.

Speaking to the Federation of European Accountants, the Commissioner acknowledged the struggle that some companies had gone through to implement the new standards, but said it would be worth it in the end.

”I agree with all those who find the move to IFRS difficult, cumbersome and expensive” Mr McCreevy said. “I know it’s hurting. But I would like to reassure you that it will work, and that the pain is well worth the gain” he added.

Full speech

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