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European endorsement of IFRS is completed

  • European Union (old) Image

30 Sep 2003

The European Commission has formally adopted a regulation endorsing IFRS and related interpretations, as Recommended by the Commission's Accounting Regulatory Committee in July.

The endorsement confirms that IFRS must be followed under the terms of the general IAS Regulation adopted by the European Parliament and the Council in 2002. The Commission's endorsement covers all existing IASB standards and interpretations except for IAS 32 and IAS 39 and related SICs 5, 16, and 17. IAS 32 and 39, which deal with the accounting and disclosure of financial instruments, are not included because they are currently being revised by the IASB. The EC has also announced that the endorsed IFRS will shortly be published in the official EU languages in the Official Journal of the EU. In total, there are at present 34 existing IASs (including IAS 32 and IAS 39) and 31 existing interpretations (including SICs 5, 16, and 17), which cover about 1,500 pages. Click for EC Press Release (PDF 69k).

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