Deloitte comment letter on EU fitness check

Published on: 20 Jul, 2018

We have commented on the European Commission’s consultation on the EU framework for public reporting by companies.

While we support the Commission’s efforts and progress towards coherence, we note that we consider that the overall corporate reporting framework is broadly working well. For IFRS reporting entities we suggest that changes are not currently required to the IAS Regulation and stress the importance of the EU remaining globally influential.

We also note 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, we would favour 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 below (cover letter with main messages first, followed by completed questionnaire).


Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.