Members of European Parliament are joining investor groups in calling for a review of the compatibility of the International Financial Reporting Standards with other European accounting laws.
The five MEPs, led by Syed Kamall, are the latest to join in the chorus of voices calling for a thorough review of the IFRS rules, according to a report this week in the Financial Times. Chief among concerns is that the regulations, governed by the International Accounting Standards Board (IASB), lead to flawed financial statements and dilute the “true and fair” principle of European company law. IFRS was adopted by the European Union in 2005, as part of a bid for a unified set of global accounting rules.
