Since 1 January 2005, European listed companies have started using International Financial Reporting Standards (IFRS) in their consolidated financial statements. Noting Europe’s limited experience with IFRS application, EFRAG, the European Financial Reporting Advisory Group, is concerned that contradictory treatments of financial reporting issues in different member states could undermine the credibility of financial reporting in the EU. Hence, EFRAG has launched a consultation and will organise an event in order to stimulate debate on the issue of consistent application.
The EFRAG Supervisory Board has published a paper focusing on IFRS implementation issues. It outlines possible measures to ensure that IFRS are applied in the EU with an appropriate degree of consistency. Comments on Achieving Consistent Application of IFRS in the EU: A Discussion Paper are invited by 6 October 2005.
On 21 September 2005, EFRAG will organise a Forum to discuss potential concerns regarding the consistent application of IFRS in the EU. A high-level discussion, with all stakeholders in the debate, is envisaged. The Forum will take place in Brussels. The aim is to gather feedback on whether there is a need for an increased number of interpretations of the international standards and if so, how such a need could be met. For more information and registration detail regarding the Forum contact the EFRAG Secretariat ([email protected]).
Related links: EFRAG