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Conflict of IAS and European Accounting Directives

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03 May 2001

In February the European Commission proposed that listed companies be required to apply IAS in their consolidated accounts from the financial year 2005 onwards.

The Federation des Experts Comptables Europeens (FEE), which represents the accounting profession in Europe, points out that compliance with the existing EC Accounting Directives would continue to be required. FEE is concerned that there are incompatibilities between the Directives and IAS and sees an "urgent need for modernisation of the Directives". FEE has published a Discussion Paper on the Modernisation of the Directives (PDF, 114 kb). The paper discusses both the strategic and technical issues that are at stake and gives the advantages and disadvantages of the various approaches for modernisation. FEE's preferred solution would be to exempt listed companies that apply IAS from the EC Accounting Directives. Click for FEE Press Release.

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