EU Official Gives IASB a Paternal Driving Lecture on Accounting Standards

Posted on by Caleb Newquist

Did this Jeroen Hooijer character forget that he’s addressing a knight?

[Hooijer] said world leaders have extended the deadline for convergence from June to the end of this year and likened the IASB to a sports car driving at 160 kilometres an hour to the south of France. “We would like to slow down to 120. We don’t want to stop it. If you drive to the south of France and you only arrive half an hour later, the risk of an accident is 70 percent lower,” Hooijer said.

EU body tells accounting rule setter to slow down [Reuters]

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Hans Hoogervorst Doesn’t Want the U.S. to Worry Its Pretty Little Head About Losing Influence Over Accounting Rulemaking

Hoogervorst said U.S. sovereignty would be protected by the SEC having a final say before any IASB rule is introduced. “Such endorsement mechanisms provide an important ‘circuit breaker’ if the IASB produced a standard with fundamental problems for the United States,” Hoogervorst told an accounting conference. The SEC would remain in full control of enforcement. “So there is absolutely no danger of importing different enforcement standards from abroad into the United States,” the former Dutch finance minister added. [Reuters]