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On IFRS the focus should be kept on more consistency and more coherence. “We can debate the theoretical value or not of fair value reporting until the cows come home”, McCreevy said, “but if there are big differences of approach across the EU, then this will certainly not contribute to financial stability and transparency.”
McCreevy also announced a consultation on the implementing measures of the new statutory audit directive which will be lauched early next year.
On auditor liability, and following the London Economics study published earlier this year, the Commission is working on a report which will be open for consultation.