German Watchdog Questions IFRS, Frankfurter Allgemeine Reports

A German accounting watchdog says the International Financial Reporting Standards are unreliable, particularly in determining fair value, the Frankfurter Allgemeine Zeitung reported, citing a letter by the group.

The Berlin-based Financial Reporting Enforcement Panel, a private group, has written to the International Accounting Standards Board saying that the IFRS rules, which are mandatory for public companies in the European Union, allow too much room for subjective valuation, the newspaper reported today.

To contact the reporter on this story: Tony Czuczka in Berlin at aczuczka@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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