We have posted the Meeting Notes (PDF 39k) for the April meeting of the European Council of Finance Ministers in which the following 'policy actions' on financial reporting are urged:

• Speedy adoption this year of the Proposed Regulation requiring the use of IAS by listed EU companies from 2005, in line with the Barcelona Council conclusions;
• Preparation of the Commission's endorsement decision of existing IAS so as to make it possible for listed EU companies to prepare the change-over in time for the 2005 deadline;
• Further development of EU and national enforcement mechanisms so as to ensure proper and harmonised application of IAS within the EU in co-ordination with the Committee of European Securities Regulators (CESR);
• Sustained and co-ordinated upstream pressure within the IAS process to ensure that new IAS continue to follow the principle-based approach and reflect, as much as possible, European concerns;
• Continuation of the dialogue with US authorities to encourage their acceptance of IAS financial statements prepared by listed EU companies for listing within the US without reconciliation to US GAAP from 2005 onwards;
• EU support for global convergence through the IAS process on important accounting issues such as the treatment of financial instruments, share based payments and off-balance sheet financing schemes;
• Urgent modernisation of existing Accounting Directives in order to apply IAS principles to unlisted companies, when a Member State so chooses;
• Before Summer 2002, publication by the Commission of a second consultative document on Regular Reporting. This document will address issues such as the periodicity of financial reporting (quarterly reporting) and on-going disclosure obligations.