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Description :
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The IAS Regulation requires European listed companies to prepare consolidated financial statements
from 2005 on the basis of international accounting standards, defined as those IFRS that have been
endorsed by the European Commission. Both in the accounting policies and in the audit report,
reference needs to be made to the applicable financial reporting framework; but selecting appropriate
text for such a reference is not straightforward as endorsed IFRS may not necessarily be the same as
(full) IFRS.
The following questions are considered in our Discussion Paper:
• How should the financial reporting framework be referred to in the accounting policies in the notes to
the financial statements?
• When the company also complies with full IFRS, should it refer to this fact?
• How should the framework be described in the audit report? Can there be a difference in description
compared to the reference to the financial reporting framework in the accounting policies?
• Would the reference to the European financial reporting framework have a clear meaning outside the
EU?
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Working groups :
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EFRAG Technical Expert Group (EFRAG TEG) -
EFRAG Secretariat -
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Current Project Status :
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Final Comment Letter
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Efrag Output
No 'Efrag Output'
Comment Letters
No 'Comment Letters'
Other Input
No 'Other Input'
News Items
No 'Linked News Items'
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