Leading German MEP criticises the IASB for responding too slowly to the credit crunch
A leading European MEP has criticised international standard setter IASB for responding too slowly to the global credit crunch.
‘I would have wished they had come up with something much sooner because the crisis started in the middle of last year,’ said Wolf Klinz, a German Free Democratic Party MEP. ‘It has taken them nine months. Even if they pretend they were all taken by surprise, it is questionable whether nine months is justifiable.’
Klinz is a member of the EU’s Economic and Monetary Affairs Committee, which has been scathing about the accountability and governance of the IASB.
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