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Use of IAS/IFRS in new EU member states and Singapore

  • European Union (old) Image

09 Jan 2003

Ten countries have been approved for EU membership as of 1 May 2004: Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, the Slovak Republic and Slovenia.

IAS/IFRS are already required in Cyprus and Malta and permitted in several others. If the EU finalises the memberships of these countries, listed companies in all 10 countries will have to adopt IAS/IFRS in 2005. We have updated our Table of Use of IFRS for Domestic Reporting to reflect these and several other recent national adoptions. Please note that we have amended the table to classify Singapore as not permitting IAS. We had reported in December 2001 that all Singapore listed companies would be required to follow IAS starting in 2003. However, the final Regulation adopted in December 2002 by the new Council on Corporate Disclosure and Governance requires all Singapore-incorporated companies to follow Singapore Financial Reporting Standards "which are closely modelled after the International Accounting Standards and International financial Reporting Standards issued by the International Accounting Standards Board".

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.