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01.10.2013 16:54 Age: 5 yrs
Category: Position papers

EuroFinUse’s Reaction to the Draft Report by Philippe Maystadt: “Should IFRS Standards Be More European?”

EuroFinUse welcomes this draft report into International Financial Reporting Standards (IFRS) and their application in the EU. We are thankful to Mr Maystadt for taking into account the input provided by us.

Overall, we believe the Draft provides a good analysis of the current situation and offers a good and realistic range of options to address the current problems of representation of European interests into the IFRS setting.

However, in our opinion the suggestions of Mr Maystadt fail by far to recognise the importance of financial reporting standards for investors: they (institutional and individual) are the main users of financial statements, as it is their money that is at stake.

Currently, the established EU-funded body EFRAG still does not include any investors in its governing body, and, in particular, individual investors, i.e. the EU citizens.

On the other hand, the report clearly states that the principle of prudence is essential, in line with the believe held by EuroFinUse that the future proposal for reform should consider the promotion of prudence at international level as another one of its key objectives.

Please find the EuroFinUse position here.


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