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  • Service: Audit, IFRS
  • Type: Business and industry issue
  • Date: 8/15/2014

European Commission seeks views on the impact of IFRS 

Since 2005, all publicly traded companies within the EU have been required to prepare their consolidated financial statements in line with IFRS, under the terms of Regulation 1606/2002 (‘the IAS Regulation’).


To assess the impact of the IAS Regulation, the EC has launched a public consultation, by way of an online survey, to seek views from all interested parties across the EU. Topics raised in the survey are wide-ranging, covering both practical issues, such as cost/benefit assessments of applying IFRS – with input sought in particular from companies and investors – and more political questions such as whether the objectives set by the IAS regulation are still relevant or whether the current endorsement criteria are in need of change.

The results of the consultation, which is open for comment until 31 October 2014, will feed into the EC's ongoing evaluation of the IAS Regulation. The Commission will then report to the European Parliament and Council by the end of 2014.

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