International Financial Reporting Standards (IFRS), prepared by the London-based International Accounting Standards Board (IASB), aim to standardise accounting practices internationally. In order to enhance the development of the single capital market in Europe, IFRS were introduced for consolidated accounts of EU-listed companies in 2005 as a result of a Regulation in 2002. That Regulation is currently being reviewed by the European Commission as part of its Better Regulation agenda. Before becoming law in the EU, IFRS must undergo an endorsement process that involves European Financial Reporting Advisory Group (EFRAG) and the Accounting Regulatory Committee (ARC). EFRAG’s objectives are to ensure that Europe is exercising a strong influence on the development of IFRS from a technical perspective and to provide technical advice to the European Commission on accounting matters. At the same time, the IASB is revising certain standards following the financial crisis as well as the conceptual framework that underpins international accounting rules.
A lively debate on these standards is presently taking place at European level. Roger Collinge, Head of Corporate Governance Group from the UK Shareholders Association (UKSA), a member of EuroFinUse, will be participating to the conference on 8 May 2013, organised by the Association of Chartered Certified Accountants (ACCA), tackling the question of ‘The relevance of IFRS in today’s economic environment, are they still fit for purpose?’ in the first panel.
More information on the conference on the ACCA website.