Europe, the U.S. and IFRS exemptions

Michel Barnier, European Commissioner for internal market and services, laments the U.S.' reluctance to adopt International Financial Reporting Standards, but he does not admit that Europe has provided exemptions in the past that drew criticism from the U.S. and other nations, writes Floyd Norris. A decade ago France insisted that banks be allowed to choose which set of accounting rules to follow, EU or IFRS.

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