Update on IFRS as part of EC Financial Services Action Plan

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02 Feb 2004

In an (PDF 101k) at the Edinburgh Finance and Investment Seminar on 29 January 2004, Frits Bolkestein, the EC Commissioner of Internal Markets, Taxation and Customs spoke about progress toward implementing the European Commission's Financial Services Action Plan.

Regarding IFRS he said:

The decision to move to a common system for financial reporting for EU listed companies has been one of the boldest and most significant steps under the FSAP. For the first time, European investors will be able to compare "like with like" when reading annual accounts. On IAS 39, we are aware of profound concern regarding the prospects for reaching a satisfactory solution. The Commission is doing everything in its power to find a viable solution. Failure could have significant consequences for our long-term objective of facilitating the emergence of a global financial reporting standard.

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