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Aiming for Global Accounting StandardsThe International Accounting Standards Board, 2001–2011$
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Kees Camfferman and Stephen A. Zeff

Print publication date: 2015

Print ISBN-13: 9780199646319

Published to Oxford Scholarship Online: June 2015

DOI: 10.1093/acprof:oso/9780199646319.001.0001

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The IASB’s Vexed Relation with Europe

The IASB’s Vexed Relation with Europe

Chapter:
(p.200) 9 The IASB’s Vexed Relation with Europe
Source:
Aiming for Global Accounting Standards
Author(s):

Kees Camfferman

Stephen A. Zeff

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199646319.003.0009

The EU’s commitment to IFRSs was confirmed with the actual adoption of the standards in practice, beginning in 2005. The European Commission encouraged other jurisdictions to adopt or converge with IFRSs, through its requirement that non-EU companies listed in the EU should use IFRSs or national standards deemed equivalent with IFRSs. Nonetheless, the relationship between the IASB and the EU remained tense because of continuing controversy over some of the IASB’s technical work. The European Parliament actively involved itself in discussions of the IASB’s governance and accountability. By delaying the endorsement of IFRS 8 on segment reporting, the Parliament declared its authority to intervene in the endorsement of individual standards.

Keywords:   European Parliament, European Commission, endorsement of IFRSs, segment reporting, equivalence assessment, transparency and prospectus directives, IASB

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