"INVESTORS WANT ONE SET OF ACCOUNTING RULES - NOT VARIATIONS"

Responding to the European Commission's announcement to review the issue of fair value accounting and related matters, Liz Murrall, Director of Corporate Governance and Reporting at IMA said:

"What is important to users is transparency, and comparability and consistency in financial reports. But in seeking to make changes by the end of October, as the Commission proposes, runs the risk that this will not be maintained and such changes could result in unhelpful reporting. Investors worldwide need one set of financial reporting requirements, not many variations.

Although the current credit crisis requires swift measures by governments and regulators, fundamental changes in accounting should be implemented only after due process and the involvement of all stakeholders."

-ENDS-

About Investment Management Association (IMA)
IMA is the trade body for the UK's £3.4 trillion asset management industry. The money its members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.  Its role is to represent the industry and promote high standards.

For further information, please contact:
Noreen Shah, Press Officer, IMA, 0207 831 0898

Out of hours
Mona Patel, Head of Communications, 07834 089332