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IFRS in the EU a 10-year milestone

The European Commission (EC) has published a report on the evaluation of its regulation on the application of the International Financial Reporting Standards (IFRS), and organised a conference in Riga, Latvia, to discuss the findings.

Ten year after IFRS was introduced in the European Union (EU) through the IAS regulation, the evaluation by the EC found that IFRS adoption successfully created a common accounting language for capital markets.

Ninety five percent of the 200 stakeholders which responded to the evaluation said they believed the objectives of the IAS regulation are still valid today. Eighty six percent of respondents believe that IFRS financial statements are more transparent and 55% think that IFRS adoption has significantly improved transparency.

French standard setter, Autorité des Normes Comptables (ANC), president Patrick de Cambourg was part of a panel at the International Conference on Evaluation of the IAS held in Riga, Latvia, to discuss the findings of the evaluation.

The conference was organised by the Ministry of Finance of the Republic of Latvia in cooperation with the EC within the framework of the Latvian Presidency of the Council of the EU.

De Cambourg told The Accountant that panel members were mostly in agreement with the findings of the EC and that IFRS had successfully been implemented across the EU to create a common accounting language.

However De Cambourg warned that Europeans should not rest on their laurels as there is still a lot to do. He highlighted a few challenges such as strengthening Europe's standards setting capacity through greater collaboration and the European Financial Reporting Advisory Group (EFRAG) reform.

He also pointed to the need to ensure an ongoing dialogue between Europe and the International Accounting Standards Board, so that the gap between IFRS and US GAAP doesn't widen.

And finally, he said, IFRS coherence has to be constantly verified in order to guarantee financial stability across the Union.

Related articles:

Accounting is not just a technical exercise, it's also a political one: De Cambourg

Game of standards

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