European lawmakers demand overhaul of IFRS

Members of the European Parliament were expected to condition funding for the International Accounting Standards Board and the European Financial Reporting Advisory Group on revisions of International Financial Reporting Standards to comply with European laws, according to this article. The European body's threatened action followed on the heels of a report from England's Parliamentary Commission on Banking Standards calling for investigation of IFRS. If passed by European lawmakers, the funding conditions will have to be approved by individual member states.

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Telegraph (London) (tiered subscription model), The · Accountancy Live (U.K.)