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Process of endorsing IFRS for use in Europe has started

  • European Union (old) Image

12 Jan 2003

Adoption of an Accounting Regulation by the European Union in June 2002 did not, of itself, legally require the 7,000 European listed companies to follow IFRS starting in 2005. Two further steps are required: (1) translation of IFRS into the European languages and (2) endorsement of the IFRS by a new Accounting Regulatory Committee established by the European Commission to give them legal standing in Europe.

Both the translation and endorsement processes are now under way. A recent Commission (PDF 18k) indicates that their goal for completing both steps is Spring 2003.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.