EC proposes revised accounting directives

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04 Jun 2002

The European Commission has proposed to amend the existing European Union Accounting Directives as part of its plan to create an integrated financial services market in Europe.

The proposal complements the IAS Regulation, due for final adoption by the Council in the next few days, that will require all EU companies listed on a regulated market to use IAS from 2005 onwards and will allow Member States to extend the IAS requirement to all companies. The proposed changes will remove all inconsistencies between the Directives and IAS in existence at 1 May 2002.

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