Deloitte comments on the EU fitness check

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Jul 20, 2018

On July 20, 2018, De­loitte has responded to the European Commission’s consultation document 'Fitness check on the EU framework for public reporting by companies'. While Deloitte supports the Commission’s efforts and progress towards coherence, it notes that it considers that the overall corporate reporting framework is broadly working well. For IFRS reporting entities it suggests that changes are not currently required to the IAS Regulation and stress the importance of the EU remaining globally influential.

In the response to the consultation, Deloitte also notes that if reducing local GAAP differences were to be considered a priority in the EU and if feasibility studies show that obstacles can be overcome, it would favor initiatives that would gradually allow closer or fuller convergence with IFRS. This could take place through amendments to the Directives or the IAS Regulation allowing companies to voluntarily adopt IFRS in individual or consolidated financial statements, rather than leaving this to the discretion of Member States to decide whether or not this option is granted to the companies in their jurisdiction.

Please click to download the full comment letter here (cover letter with main messages first, followed by completed questionnaire).

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