The week that was and the week ahead

This week we have seen further evidence of the difference of opinion between the EU and US over fair value rules, something I have previously commented on here. Meanwhile, the IASB assures the EU, that plans to reform accounting rules are still going ahead. The convergence of EU and US regulation and practices can only help to improve the economic position we find ourselves currently in, and we must work hard together to achieve this, complex as it may be.

On that note, the FASB has voted to approve the Accounting Standards Codification, which will provide a set of principles which US firms will follow to encourage a more transparent way of working. The principles are due to come in to force on 1st July.

On Thursday we saw the appointment of four directors to the newly created Financial Stability Committee, a group with no easy task in the present climate. Jeremy Warner at The Independent is clearly dubious about some of the appointments, however I hope they are able to play an effective part in steadying our industry over the months ahead.

 Global Accounting  0 Comments June 12th, 2009