|
REFERENCES
|
|---|
|
|
|
Member States of the European Union
|
|---|
| Austria |
Belgium |
Bulgaria |
Cyprus |
Czech Republic |
| Denmark |
Estonia |
Finland |
France |
Germany |
| Greece |
Hungary |
Ireland |
Italy |
Latvia |
| Lithuania |
Luxembourg |
Malta |
Poland |
Portugal |
| Romania |
Slovakia |
Slovenia |
Spain |
Sweden |
| The Netherlands |
United Kingdom |
|
|
|
Three additional countries are members of the European Economic Area, though not the EU. They are committed to follow EU Directives, including the Accounting Directives:
| Iceland |
Liechtenstein |
Norway |
|
|
EU Accounting-Related Directives
|
|---|
- Download the Accounting Directive (English) (PDF 114k). This is the Directive requiring companies listed in European securities markets to use IFRSs in their consolidated financial statements starting in 2005. [Regulation (EC)1606/2002 of the European Parliament and of the Council of 19.7.2002]
- Link to EU Accounting-Related Directives. On this page you will find the Accounting Directive in the various EU languages and all subsequent directives adopting various IFRSs pursuant to the Accounting Directive.
|
|
Full Text of IFRSs Adopted in Europe
|
|---|
Because IFRSs have the force of law in Europe, the full text of the IASs, IFRSs, and Interpretations adopted by the European Commission is published in the Official Journal of the European Union. Please note that 'full text' means the body of the standard and does not include the introduction, implementation guidance, or basis for conclusions. Here is the Link to Standards and Interpretations Adopted by the EC. All of the standards and interpretations are available in all of the official EU languages in the Official Journal.
|
|
Accounting Regulatory Committee (ARC)
|
|---|
The Accounting Regulatory Committee (ARC) is composed of representatives from Member States and chaired by the European Commission. The Committee was set up pursuant to the requirements of Article 6 of the IAS Regulation (EC/1606/2002). The function of the Committee is a regulatory one and entails providing an opinion on Commission proposals to adopt (endorse) an international accounting standard as envisaged under Article 3 of the IAS Regulation.
|
|
Standards Advice Review Group (SARG)
|
|---|
In July 2006, the European Commission established a Standards Advice Review Group (SARG) in the area of accounting "to ensure objectivity and proper balance of the European Financial Reporting Advisory Group's (EFRAG) opinions". The Group will be composed of independent experts and high-level representatives from National Standard Setters whose experience and competence in accounting are widely recognised. The Group's task will be to assess whether the endorsement advice given by the EFRAG is well balanced and objective. The group will deliver its advice normally within three weeks. The final advice will be published on the Commission's website. Click for:
|
|
Roundtable for Consistent Application of IFRSs
|
|---|
The function of the Roundtable is to act as a simple and efficient forum for European accounting experts to identify, at an early stage, emerging and potentially problematic accounting issues in relation to consistent application. The Roundtable will thereby complete the existing European infrastructure contributing to a proper and consistent application of IFRS. The Roundtable would gather views in Member States through audit firms, standard setters and other bodies. It could then identify and group together those issues where it is felt there is a real risk of divergence and recommend which of those should be taken up by IFRIC as a matter of urgency. As such the Roundtable would also act as a filter mechanism. It should be underlined that the Roundtable will not be making any interpretations or guidance under IFRS. This is the task of IFRIC. When allowed to do so by their statutory working rules, EU national enforcers of financial information grouped within CESR/EECS will inform the Roundtable about enforcement decisions taken under the Transparency and Prospectus Directives in relation to financial reporting based on IFRS.
|
|
European Securities Committee (ESC)
|
|---|
The European Securities Committee was created in 2001 to serve as a consultant to the Commission when drafting legislative proposals on securities policy issues. The Committee may also act as a regulatory committee in the context of work on future legislative proposals conferring implementing powers on the Commission. In its future regulatory capacity, it will vote on draft technical implementing measures that develop basic legislation submitted to it by the Commission.
|
|
Committee of European Securities Regulators (CESR)
|
|---|
The Committee of European Securities Regulators is composed of high-level representatives of the national public authorities in the field of securities regulation. Among the roles of CESR are to:
- Improve coordination among European Securities Regulators;
- Advise the European Commission on securities policy issues relating to Europe's securities markets, in particular in its preparation of draft implementing measures to support the legislative framework for the regulation of Europe's securities markets.
- Work to ensure more consistent and timely day-to-day implementation of the European legislative framework in the Member States.
To foster common and uniform implementation of EU securities law, CESR may issue guidelines, recommendations, and standards. In doing so, CESR must will act in a transparent manner, fully involving market participants, consumers, and end-users on a regular basis.
Before CESR was created by the European Commission in June 2001, the European securities regulators had cooperated in an organisation called the Forum of European Securities Commission (FESCO). All of the standards and work of FESCO have been taken over by CESR.
CESR Contact information:
Committee of European Securities Regulators
11-13 avenue de Friedland
75008 Paris, France
Telephone: +33-1-58-36-43-21
Fax: +33-1-58-36-43-30
Email: secretariat @ cesr-eu.org
CESR Website: http://www.cesr-eu.org/
|
|
European Financial Reporting Advisory Group (EFRAG)
|
|---|
The European Financial Reporting Advisory Group (EFRAG) is an organisation established by a broad group of organisations representing the European accounting profession, preparers, users, and national standard-setters with the following goals:
- to provide technical expertise to the European Commission concerning the use of IAS within the Europe,
- to participate in IASB's standard setting process, and
- to coordinate within the EU the development of views concerning international accounting standards.
EFRAG Contact information:
European Financial Reporting Advisory Group
13-14 Avenue des Arts
B-1210 Brussels, Belgium
Telephone: + 32 (2) 510 0888
Fax: + 32 (2) 510 0885
Email: info @ efrag.org
EFRAG Website: http://www.efrag.org
|
|
Federation des Experts Comptables Europeens (FEE)
|
|---|
The Federation des Experts Comptables Europeens (FEE) is the representative organisation for the accountancy profession in Europe. FEE's membership consists of 43 professional institutes of accountants from 32 countries. FEE member bodies are present in all 27 member states of the European Union and three member countries of EEA. FEE member bodies represent more than 500,000 accountants in Europe. Roughly 45% of these accountants work in public practice, providing a wide range of services to clients. The other 55% work in various capacities in industry, commerce, government and education.
FEE Contact information:
Federation des Experts Comptables Europeens
Avenue d'Auderghem 22-28
B-1040 Brussels, Belgium
Telephone: + 32 (2) 285 40 85
Fax: + 32 (2) 231 11 12
Email: Secretariat @ fee.be
FEE Website: http://www.fee.be
|
|
Contact Committee
|
|---|
The EU maintains a Contact Committee with the European accounting profession. The Contact Committee is an advisory body composed of representatives of the Member States and representatives of the Commission. It was set up by the Commission according to the requirements contained in Article 52 of the Directive 78/660/EEC (4th Directive). The functions of the Contact Committee are:
- to facilitate harmonised application of the Accounting Directives through regular meetings dealing in particular with practical problems arising in connection with their application;
- to advise the Commission, if necessary, on additions or amendments to the Accounting Directives.
The Contact Committee has a Technical Subcommittee that meets regularly to discuss matters particularly relating to International Accounting Standards.
|
|
European Commission (EC) Contact Information
|
|---|
|
Internal Market Directorate
Commission of the European Communities
Avenue de Cortenberg 107, 2/58
B 1049 Brussels, Belgium
Telephone: +32 2 299 1111
Fax: +32 2 299 3081
Email: markt-f4 @ cec.eu.int
Website: European Commission Accounting News
|
|
