EU criticised over ‘political interference’ in IAS_2
7 September 2012
The European Commission has been warned not to allow the adoption of International Accounting Standards to be derailed by "politicisation of the process in the EU"
David Illingworth, President of the ICAEW, said that proposals on accounting for financial derivatives were an example of where the EC needs to stand firm: "We simply cannot let political interference on behalf of one sector – in this case bankers – derail the European adoption of IAS. The very nature of the markets is volatile, but we can learn to live with that...