Please read our cookie notice for more information
on the cookies we use and how to delete or block them.
At its meeting yesterday in Brussels, the Technical Expert Group of the European Financial Reporting Advisory Group (EFRAG) agreed to recommend that the European Commission endorse IAS 32 'Financial Instruments: Presentation and Disclosure' for use in Europe.
The Accounting Regulation adopted by the European Union requires that European companies listed in a regulated European securities market must prepare their financial statements in conformity with International Financial Reporting Standards starting in 2005. Subsequent legislation provides that non-European companies whose securities are listed in a regulated European securities market must also follow IFRSs starting in 2007 unless the Commission has agreed, prior to 1 January 2007, to recognise financial statements prepared in accordance with "third country GAAP" (a non-European national GAAP) as being equivalent to those prepared in accordance with IFRSs.
Deloitte & Touche partner Stig Enevoldsen has been selected as the new full-time Chairman of the Technical Expert Group (TEG) of the European Financial Reporting Advisory Group (EFRAG) effective 1 April 2004 for a three-year term.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please seedeloitte.com/aboutfor a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.