EU body tells accounting rule setter to slow down

LONDON: A global accounting rule setter is driving too fast in drafting standards and could damage financial stability, an official at the European Union's executive body said on Tuesday.

"A new big bang is coming up and we are extremely concerned," Jeroen Hooijer, a senior European Commission official told an accounting conference.

The International Accounting Standards Board (IASB), whose rules are used in over 100 countries, including the EU, wants to complete major changes by June as part of wider efforts to forge a common set of global accounting standards.