The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

EC adopts regulation endorsing International Accounting Standards

Regulations adopted by the European Commission (EC) will require listed companies to comply with International Accounting Standards (IASs), including related interpretations (SICs), when they submit their consolidated accounts, as from 2005. This decision follows on from the IAS regulations first put in place by the European Parliament and the Council in 2002.


Internal market commissioner Frits Bolkestein says: "Adoption by the Commission of this regulation, endorsing most of the existing International Accounting Standards and publishing them in the EU's official languages, will help the 7000 or so listed EU companies affected to get ready for 2005, when their consolidated accounts will have to be in line with IAS."


The moves are designed to improve competition, transparency and make the free movement of capital much easier among the member states. The regulations do not cover all IASs and SICs. IASs 32 and 39 and related SICs 5, 16 and 17 are exempt, due to their current revision by the International Accounting Standards Board (IASB). Member States also have the option of extending the Regulations to unlisted companies and individuals accounts.


Unlike EU Directives, the Regulations do not require implementation into national legislation and have immediate legal effect upon adoption.




You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree