Ministers of Finance held an informal meeting in Kildare, Ireland, on 2-3 April. Ministers were briefed from the Financial Services Committee (FSC) which recommends against new legislative proposals. There also seems to be consensus to concentrate on adoption and implementation of the existing proposals. The FSC will present its final report in June.
Other topics included issues of adopting International Accounting Standards, particularly IAS 32 and 39, where some issues remain open and further work is required.
The chair of the European Parliaments’ EMAC Committee Ms Randzio-Plath called the Council to “exercise its political influence with both the International Accounting Standards Board and with the Commission in order to find solutions that are in conformity with the interests of European business.”
On the recently published Commission proposal on financial reporting and auditing, Mr. McCreevy, Irish Minister for Finance, said that 'the Irish Presidency indicated that it is responding to the importance of this subject by arranging for a very speedy commencement of the consideration by a Council Working Group of the Commission's recently-published proposal. The first meeting of the Council Working Group on this issue is scheduled for next week (7th April)' continued the Minister.
Council press release
EMAC press release
© Council of the European Union
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article