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Greece requires IAS for listed companies effective 2003

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25 Apr 2002

The Greek government recently passed legislation that adopted International Accounting Standards for financial reporting in Greece.

This legislation applies to annual financial statements for periods beginning after December 31, 2002 (that is, adoption from 2003 onwards), and will be compulsory for all companies listed on the Athens Stock Exchange.

The new legislation will apply to both individual and consolidated financial statements and may be optionally applied by any other entity which is audited by the Institute of Certified Accountants Auditors of Greece.

A committee has been set up to consider the detailed implementation of this new legislation. The work of this committee is expected to be completed by June 2002, after which various ministerial decisions will be issued, describing how the adoption will take place.

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