A special adviser appointed to review the European Union’s role in formulating international accounting standards was scheduled to make recommendations this week on how the EU can boost its influence in the standards setting process.
Philippe Maystadt, former president of the European Investment Bank and former Belgian deputy prime minister, was tapped by internal markets commissioner Michel Barnier this spring to examine the EU’s contribution to International Financial Reporting Standards (IFRS). IFRS, which became applicable to the consolidated accounts of listed companies in the EU in 2005, is an initiative aimed at creating a single, globally accepted set of accounting standards. Maystadt was expected to present his findings – and recommendations for regulatory changes – to finance ministers at the 15 Nov. ECOFIN Council meeting.
