EU Parliament resolution on procedure for endorsing IFRSs
21 Nov 2007
In November 2006, the European Parliament amended the process for endorsing IFRSs for use in Europe by adding a new step that requires the European Commission to submit its endorsement proposals to a Committee of the Parliament, known as the Regulatory Procedure with Scrutiny Committee.
In view of the fact that the application of the regulatory procedure with scrutiny within the usual deadlines could in certain exceptional situations make it difficult to adopt newly issued accounting standards, amendments to existing accounting standards or interpretations of existing accounting standards in time for them to be applied by companies for the relevant financial year, the Commission, the Council and the European Parliament should act speedily in order to ensure that those standards and interpretations are adopted in a timely manner so as not to undermine investor understanding and thus confidence. Regulation (EC) No 1606/2002 [the EU IAS Regulation] should therefore be amended accordingly, |