Eversheds comments on recommendations for enhancing EU role in account standard setting
Following a review by former president of the European Investment Bank Philippe Maystadt, new recommendations for enhancing the EU’s role in international accounting standard setting are due to be presented to EU finance ministers on 15 November 2013. Eversheds has commented ahead of the presentation of these recommendations.
Michael Wainwright, partner and financial regulation expert at Eversheds, said: ‘Common accounting standards are fundamental to the efficiency and transparency of markets in all sectors of industry. They are not just for financial services.
‘Considerable effort has gone into harmonising standards at an international level. Harmonisation makes it possible to prepare consolidated accounts for international groups and to compare the financial performance of competing groups and sectors. At the same time, accounting standards need to change to keep pace with market developments and innovations. The most effective way to achieve this in practice has been to make standard setting the responsibility of committees of technical experts.
According to Wainwright, it is not the job of the EU commissioner for financial services to sabotage these arrangements by seeking to apply political pressure to the process of standard setting and by creating EU opt-outs. ‘The enlightened approach is to apply modifications for regulatory reporting purposes, for particular firms and in specific areas where the accounting objectives that the standards are designed to meet conflict with the objectives of financial regulators.’
News from Eversheds
News from The Lawyer
Briefings from Eversheds
Terminating long-term distribution agreements; the court’s approach to injunctions to prevent termination
The termination of a long-term distributor or licensing agreement is a serious step for any distributer or supplier.
Trade unions are increasingly using a relatively unknown TULRCA provision in negotiations with employers over changes to collectively agreed terms and conditions.
Analysis from The Lawyer
‘Exotic’ investors and opportunities for legal work beyond M&A feature in The Lawyer’s high-level roundtable debate on south-east Europe
Could Slater & Gordon achieve its stated aim of becoming a top consumer brand by acquiring Pannone?