EC Roundtable on Consistent Application of IFRSs

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16 Jun 2006

Earlier this year, the European Commission agreed to form a Roundtable on Consistent Application of IFRSs.

The purpose of the Roundtable is to identify cases where the accounting treatment in Europe under IFRSs is so divergent, significant, and widespread as to warrant 'common concern' among the different groups of participants (preparers, auditors, national standard setters, regulators). When such issues of common concern are identified, the Roundtable will generally recommend referring them to IFRIC, though circumstances could also arise where the matter should be addressed directly to the IASB Board. The Roundtable itself will not make any interpretations.

We have formed a Roundtable Web Page on IAS Plus that includes background information and summaries of Roundtable meetings.

The Roundtable held its first meeting in May 2006 at which it considered 11 issues. Roundtable members concluded that three issues are of common concern, one of which (de facto control) should be further discussed at the Roundtable's next meeting. The other two are already on IFRIC's agenda; the Commission will monitor and work with IFRIC on these.


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