New IASB Standards Seen Bolstering Accounting, Auditing Practices in EU

New accounting and auditing standards endorsed by the European Commission likely will increase transparency and help restore confidence in financial statements, according to a new Commission staff document.

The findings on EU accounting practices — part of a 345-page report issued May 21 in tandem with the first comprehensive review of policies for reforming the EU financial sector — noted that several measures the International Accounting Standards Board developed in the wake of the 2008 global financial crisis won support from the Commission in 2011 and 2012.

These new international financial reporting standards comprise:

• measures to improve the consolidation ...