European IFRS regulation will apply to three EEA non-EU countries
11 Mar 2003
The European Economic Area (EEA) was created effective 1994 by an agreement between the EU and three countries -- Iceland, Liechtenstein, and Norway.
The three countries participate in the EU Single Market, while not assuming the full responsibilities of membership of the EU. As such, they must comply with the Accounting Directives and Regulations. We have updated our Table of Use of IFRS to indicate that companies from those countries that are listed in European markets must adopt IFRS starting in 2005, along with EU member countries. There are approximately 60 listed Icelandic companies and 200 listed Norwegian companies.
