EU needs to meet challenge of IFRS consistency

European internal commissioner Charlie McCreevy recognised that the current early stages of adoption of International Financial Reporting standards (IFRS) raised challenges in application and interpretation speaking at a recent European Federation of Accountants’ seminar on IFRS.

In particular, he said there needed to be broader arrangements for consistent application at company level, and McCreevy mooted the idea of a temporary, informal roundtable to discuss this.… Read the rest