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EC Roundtable for the Consistent Application of IFRSs

  • European Union (old) Image

09 Mar 2007

The European Commission has posted the summary of discussions at the 26 January 2007 meeting of the EC Roundtable for the Consistent Application of IFRSs.

The purpose of the Roundtable, which was formed in 2006, 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 generally recommends 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 a Roundtable Web Page. At the 26 January 2007 meeting, the Roundtable discussed six new issues. Two of those will be developed into Technical Papers for a further discussion at the next meeting. The two issues are:
  • Regulatory Assets and Liabilities
  • IAS 17 Leases – exercise of renewal/extension options
The Roundtable also discussed a Paper on the Treatment of IFRIC Rejections (PDF 29k). The Roundtable also noted that the US Securities and Exchange Commission is requiring SEC registrants who file on the basis of 'IFRSs as Adopted by the EU' to provide a reconciliation from 'IFRSs as Adopted...' to full IFRSs, as well as to US GAAP. Click for Report of 26 January 2007 Roundtable Meeting (PDF 25k).

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