Proposal to extend the scope of IFRS in Denmark

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04 Sep 2003

Denmark is a member of the European Union, and its listed companies will be required to adopt IFRS in their consolidated financial statements starting in 2005. The Danish Parliament has invited public comment on proposed legislation that would: Require the use of IFRS in individual company financial statements if an entity uses IFRS in its consolidated statements. Permit non-listed companies to choose to follow IFRS, instead of Danish GAAP, in both their consolidated and individual company statements. The draft legislation does not include a proposed starting date for use of IFRS in place of Danish GAAP but leaves this for the Minister of Economic and Business Affairs to determine (through an executive order) at a later stage.

Danish listed companies are already permitted to use IFRS provided that they also comply with the provisions of the Danish Financial Statements Act.

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