Press Release: Financial reporting. Commission proposes introduction of fair value accounting

The European Commission has proposed to modernise EU accounting rules by introducing the 'fair value' accounting method. The proposed amendment to the EU'S Accounting Directives aims to take account of developments in markets, business and international accounting standards. It would make it easier for European companies raising capital worldwide to comply with the financial reporting requirements of international capital markets and thus compete on equal terms with non-European competitors. The proposal forms part of the Financial Services Action Plan adopted in May 1999 and endorsed by the Cologne European Council.

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