FESCO's response to the EU's new accounting strategy

28 February 2001

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The Expert Group concluded that as regards the endorsement mechanism of the EU's new accounting strategy FESCO has a central role to play in conveying the needs of the investors and the capital markets and its own views as to the enforceability of the International Accounting Standards. Therefore, FESCO should play an active role at the expert level, since this level is supposed to play the reactive as well as the pro-active role in the further development of the international standard setting process. The group concluded that an observer status for FESCO could be appropriate, assuming that FESCO, as an observer, would have the possibility of expressing its views in the discussions before a decision would be made at the regulatory level. According to the group an active role also implies that, in the hopefully few cases where FESCO disagrees with the decisions that are made at the expert level, FESCO would have the right to be consulted on these issues by the regulatory level.
See final report from the Expert Group on Accounting

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