Survey on extended use of IFRSs in the EU

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29 Mar 2005

The European Commission has updated its survey of the 25 EU member states and the 3 EEA member countries concerning their plans for the following four options on use of IFRSs that are permitted under the EU Accounting Regulation: Require or permit IFRSs for unlisted companies Require or permit IFRSs in parent company (unconsolidated) financial statements Permit companies whose only listed securities are debt securities to delay IFRS adoption until 2007 Permit companies that are listed on exchanges outside of the EU and that currently prepare their primary financial statements using a non-EU GAAP (in most cases this would be US GAAP) to delay IFRS adoption until 2007. Here is an overview of the latest findings: .

The European Commission has updated its survey of the 25 EU member states and the 3 EEA member countries concerning their plans for the following four options on use of IFRSs that are permitted under the EU Accounting Regulation:

  • Require or permit IFRSs for unlisted companies
  • Require or permit IFRSs in parent company (unconsolidated) financial statements
  • Permit companies whose only listed securities are debt securities to delay IFRS adoption until 2007
  • Permit companies that are listed on exchanges outside of the EU and that currently prepare their primary financial statements using a non-EU GAAP (in most cases this would be US GAAP) to delay IFRS adoption until 2007.
Here is an overview of the latest findings:

EC Survey on Extended Use of IFRSs

Use of IFRSs in the separate company financial statements of listed companies:

  • 13 countries will permit: DK*, FI, DE**, IE, LU, NL, PT***, UK, NO, IS, LI, HU**, PL*required after 2009; **statutory accounts that conform to national GAAP are also required; ***except banks
  • 9 countries will require: GR, IT*, CZ, CY, EE, LT, MT, SQ, SI*except insurance
  • 5 countries will prohibit: AT, FR, ES, SE, LV
  • 1 country undecided: BE
Use of IFRSs in the consolidated statements of unlisted companies:
  • 24 countries will permit: AT, BE, DK, FI, FR, DE, GR, IT*, IE, LU, NL, PT, ES, SE, UK, NO, IS, LI, CZ, CY, EE, HU, PL, SI *except small
  • 6 countries will require: LV*, LT*, MT, PL*, SQ, SI**for banks only
  • 2 countries will prohibit: LV*, LT**for other than banks
Defer IFRSs to 2007 for companies with only listed debt securities:
  • 13 countries will defer: AT, BE, DK*, FI, FR, DE, LU, ES*, SE, NO, IS, HU, PL*no deferral for banks
  • 15 countries will not defer: all others
Defer IFRSs to 2007 for companies listed overseas using a non-EU GAAP:
  • 6 countries will defer: AT, BE, DE, LU, NO, IS
  • 22 countries will not defer: all others
In some cases, the positions noted above are leanings that are not yet finalised. For details, click to download (PDF 40k)

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