Europeans Still Pissed Over the End of North American Colonialism

Posted by Myrna Moss, Sep 25, 2007, 3:26pm

bostonteaparty.jpg

Ever the persistent bunch, the Europeans will stop at nothing to get a slice of that delectable American pie. If it’s not attempting to rename the simple hot dog into something called a Frankfurters, it’s our wallets they are after. Now it seems they want the SEC to confirm to their dodgy accounting principles. The New York Times reported today, “In a letter released yesterday, the European Association of Listed Companies said the Securities and Exchange Commission should allow the use of international accounting standards but should not insist that companies follow all the standards. Instead, the group said, the S.E.C. should accept modifications imposed by the European Commission.

Such a change, if approved by the S.E.C., would reduce the power of the International Accounting Standards Board, which is based in London and sets rules now used in many countries.

Currently, companies whose securities are registered in the United States must either prepare their financial statements in accordance with American rules (known as generally accepted accounting principles, or GAAP), or reconcile them to those rules. The proposed S.E.C. rule would eliminate that requirement starting next year.”

Sure, sure. It would probably help our exchanges out by making it easier for foreign companies to list on US exchanges. And there are some advantages to those fancy European principals based accounting standards. But we’re still suspicious of letting the E.U. start issuing instructions to the SEC.

Just keep your mayonnaise off our freedom fries you Belgian busy-bodies!

A Plan to Let S.E.C. Accept Foreign Rules Is Opposed [New York Times]

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Posted in: Europe, SEC

Comments

1

Posted by Belgian Busy Bodies?, Sep 25, 2007 3:42PM

Weak sauce

2

Posted by , Sep 25, 2007 3:54PM

well a few more months have hanging around Bess's filthy filthy mouth and she's be calling them pussies too. give it time.

3

Posted by The Ghost of William Molineux, Sep 25, 2007 4:02PM

If you look clofe enough at the artists rendition, you'll see me standing near the fo'cfle of the "Beaver", one of the three ships attacked, with raifed arm and fist not only decrying the tax situation but also the difplaying the horror of knowing that I would go down in hiftory dreffed as a gay as could be in a Native American outfit piffing and moaning about taxation without reprefentation in Boston harbor. Oh and thank God the stylists of writing got rid of those stupid "f" for "s" in th middle of a word in later years!

4

Posted by , Sep 25, 2007 4:18PM

hmm, yeah, so what's up with Keith?

5

Posted by , Sep 25, 2007 4:49PM

You write the way Sarah Jessica Parker's Sex n City character narrates

6

Posted by , Sep 25, 2007 5:12PM

Mexican truckers on American roads, a common external tariff and security perimeter for North America, what's wrong with a little bit of European accounting?

Who cares about national sovereignty anyway.

7

Posted by Fucking New Guy, Sep 25, 2007 8:12PM

Not to get all English Major on your ass, but shouldn't a long quotation be spaced and offset from the body of the text?

After all, how else will I know if I'm being patronized by sentences like:

Currently, companies whose securities are registered in the United States must either prepare their financial statements in accordance with American rules (known as generally accepted accounting principles, or GAAP), or reconcile them to those rules.

Duh. Didn't you guys have a poll asking how many of your readers have the CFA designation? You must know who your readers are.

8

Posted by The EU Needs To Shut the Fuck Up, Sep 25, 2007 8:45PM

@ 4:49, for real, I can't read half the stuff on
Deal Breaker because some editors insist on packing two references into every sentence

9

Posted by ko, Sep 25, 2007 10:59PM

don't worry ... in the near future belgium is going to not exist as a country ...

10

Posted by Bored, Sep 26, 2007 5:29AM

GAAP is a set of standards specific to each individual country. Using simple case letters ('generally accepted...') misleads people into thinking that GAAP is a global standard.

It isn't.

In fact, the UK had it's own set of GAAP, before it realised that following an international standard would be better than BEING SO BLOODY INSISTENT THAT NOBODY CAN DO ANYTHING BETTER THAN ITSELF.

The set of IAS have been accepted in non-EU countries as well, so this isn't just an EU body.

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