EC to study IFRSs and profit distribution

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23 Dec 2005

The European Commission's Internal Market Directorate has invited public comment on future priorities for the Action Plan on the Modernisation of Company Law and Corporate Governance.

Comment deadline is 31 March 2006. While the issues addressed in the consultation generally do not relate to accounting, the following point is noted regarding a study on the implications of IFRSs on profit distribution:

On 13 August 2005, the Commission published a call for tender for a feasibility study on alternative to capital maintenance regime as established by the Second Company Law Directive and the examination of the implications of the new EU-accounting regime on profit distribution. The terms of reference of the feasibility study will be re-examined by the members of the Advisory Group on Company Law and Corporate Governance and a further call for tender will be published in early 2006.

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