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EFRAG recommends EC endorsement of all existing IAS 'en bloc'

  • European Union (old) Image

26 Jun 2002

In response to a request from the European Commission, EFRAG (the European private sector's accounting technical committee) has reviewed IAS 1-41 and all extant SICs and has concluded that (a) they are not contrary to the 4th and 7th Directives and (b) they meet the required criteria of understandability, relevance, reliability, and comparability.

Therefore, EFRAG believes that "it is in the European interest that the process of adoption of the current standards should now be set in motion. Accordingly, we recommend endorsement of the current standards 'en bloc'." Click for EFRAG Letter to EC (PDF 28k).

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