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    #1

    What's this guy's stance?

    Good day, teachers,

    The following passage is from a news article years back.

    (context: US banks wanted to have greater latitude in valuing their toxic assets, and their lobbying worked. The America’s Financial Accounting Standards Board (FASB) comprpmised and changed their previously stricter rules.)

    European ministers instantly demanded that the International Accounting Standards Board (IASB) do likewise. The IASB says it does not want to act without overall planning, but the pressure to fold when it completes its reconstruction of rules later this year is strong. Charlie McCreevy, a European commissioner, warned the IASB that it did “not live in a political vacuum” but “in the real world” and that Europe could yet develop different rules.


    My question:
    What's McCreevy stance on this matter?
    Does "different" here mean different from previous or different from American's?


    Some say McCreevy wanted to force IASB to do the ministers' bidding and follow FASB's suit.
    However, my understanding is that McCreevy didnot like IASB's evasive attitude, he wanted IASB to be decisive, to face up to the political pressure and to develop its own rules, rules different from FASB's compromised ones.

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    #2

    Re: What's this guy's stance?

    I think he does want them to relax their rules and follow the FASB, which is the main drive of what he is saying- the reference to the real world, so I agree more with the others. How different those rules he mentions could be is not clear from the context, but it could involve going further- it's unclear.

    What's the source of this?

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    #3

    Re: What's this guy's stance?

    Quote Originally Posted by Tdol View Post
    What's the source of this?
    Banks and accounting standards: Messenger, shot | The Economist

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    #4

    Re: What's this guy's stance?

    It's pressure to make them follow the FASB- the warning's more of a threat than anything to me.

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