MEPs call for reform of IFRS standards to improve implementation process

The European parliament has signalled its intention to push the International Accounting Standards Board (IASB) to develop a more co-ordinated approach to developing new IFRS standards, calling for the standard setter to co-ordinate timelines for new accounting rules.

MEPs highlighted issues around the implementation of IFRS 9 Financial Instruments and IFRS 4 Insurance Contracts, in a wide-ranging resolution designed to address shortcomings in the International Accounting Standards (IAS) evaluation.