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EU Economic and Social Committee endorses IAS for Europe

26 Jul 2001

In response to a request from the European Council, by vote of 97 to one the EU Economic and Social Committee (ESC) has endorsed the Proposal for a Regulation of the European Parliament and of the Council that would adopt IAS in Europe by 2005. ESC concurred with an IAS "endorsement mechanism" in which the Accounting Regulatory Committee, chaired by the Commission and with representatives of all Member States, will play a critical role.

In that regard, ESC said that it "strongly supports the Commission's intention that each IAS will either be adopted or rejected in total. To introduce partial approval or modified versions of IAS would be extremely confusing and would undermine the fundamental decision to use IAS". Click for Full Text of the ESC Report to Council (PDF 27k).