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.
The Commission aims to examine whether the adoption of IFRS improves the efficiency of EU capital markets by increasing the transparency and comparability of financial statements.
The Commission will report to the EU Council of Ministers and the European Parliament on the ongoing evaluation of Regulation 1606/2002 by the end of this year.
The deadline to submit contributions is October 31 2014.
Please find more information in the Commission website here.
Sincerely,
