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Netherlands proposes to allow reporting under IAS or US GAAP

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19 Oct 2001

The Netherlands Council of Ministers has agreed to a bill that would permit Dutch companies to prepare their financial statements using IAS or US GAAP instead of Dutch accounting rules.

The action was taken for two reasons. First, since all European listed companies will be required to use IAS in 2005, Dutch companies will be able to make the switch sooner if they choose. Second, allowing IAS or US GAAP will ease the burden on the many Dutch companies that now have to prepare two sets of financial statements because they seek capital in overseas markets. The bill has been sent to the Council of State for advice, after which the House of Commons must approve.

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