Dear members,

On August 7, the European Commission launched a public consultation on the impact of International Financial Reporting Standards (IFRS) in the European Union. IFRS are international accounting standards used by companies in more than 100 countries to prepare their financial statements.

The consultation is open to all citizens and organisations willing to give their views on important aspects such as the conditions all new standards should satisfy to become EU law as well as the costs and benefits which are usually associated with IFRS.