The impact of European Union regulation requiring all listed companies, including banks, to comply with International Financial Reporting Standards (IFRS) as from January 1 2005 will vary from institution to institution in light of the various differences between IFRS and current national standards, Moody’s Investors Service says in a new Special Comment. As a result, EU banks should communicate their views on the implications of the changes as soon as they are in a position to do so, the rating agency adds.
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