Brussels, 25/09/2008 (Agence Europe) - On Thursday 25 September, the European Parliament decided to put off till the first plenary session in October the adoption of the resolution on review of the way in which the International Accounting Standards Committee (IASC) Foundation operates, a private, independent and international organisation that oversees the development of IFRS (International Financial Reporting Standards) by its specific committee, the IASB (International Accounting Standards Board). MEPs wish for more time in which to fine-tune their proposals concerning the composition of the surveillance group that should see the light of day so that the IASC may report to the public authorities of countries and regional entities where IFRS norms and standards are applied (see EUROPE 9714 and 9539). The EP committee on economic and monetary affairs will hear experts on this dossier in early October.
During the debate, on the eve of the plenary, the chairperson of the relevant parliamentary committee, Pervenche Berès (PES, France) echoed the discontent of MEPs about the way in which the Commission neglected the EP in this matter. MEPs are above all opposed to the proposal by the Commission to create an international advisory group on accounting that would be responsible for advising the surveillance group. Commissioner Charlie McCreevy, responsible for the internal market, justified this idea by saying it had not been possible to agree on the participation of the European Central Bank (ECB) and the European Committee of Security Regulators (CESR) in the future surveillance group. Hence the idea of involving them through the international advisory group. MEPs, however, consider that the Commission has gone beyond its mandate set in July by the Ecofin Council and should have informed them of its reflections. Mr McCreevy recognised the errors of communication and promised that his services would not do it again. (M.B./transl.jl)