Report on first year implementation of IFRSs in EU

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19 Oct 2007

The Institute of Chartered Accountants in England and Wales (ICAEW) has published a report for the European Commission on the first year of implementation across the EU of International Financial Reporting Standards and the Fair Value Directive.

The study includes a detailed review of the 2005 financial statements of 200 companies from 25 EU member states.

Principal Components of the ICAEW Study of IFRS Implementaiton in the EU
  • analysis of the legal implementation of the IAS Regulation and the Fair Value Directive based on questionnaires sent to interested parties in all member states and subsequent work to try to resolve conflicting responses;
  • review of surveys and other literature on EU implementation of IFRS;
  • roundtables, principally involving preparers and auditors of IFRS financial statements, held in Dusseldorf, London, Madrid, Paris, Rome and Warsaw and used to test and explore the preliminary findings from our other work;
  • an on-line survey which generated usable responses from statistically valid samples of 51 investors, 162 preparers and 141 auditors across 23 member states covering understanding and use of IFRS financial statements, their preparation and audit, and the incremental costs to companies of applying IFRS;
  • a review of regulators' statements on EU implementation of IFRS and selected published correspondence between the SEC and EU companies;
  • an academic research paper on the relevance of IFRS information in explaining market prices and stock returns of French, Italian, Spanish and UK publicly traded companies;
  • the application of the EU Common Methodology to assess the costs of the IAS Regulation;
  • detailed technical analysis of the IFRS consolidated financial statements of a sample of 200 EU publicly traded companies;
  • high level technical analysis of IFRS consolidated financial statements of 18 EU non-publicly traded companies; and
  • high level technical analysis of IFRS legal entity financial statements of 50 companies.

Sections of the ICAEW Report on Implementation of IFRSs in the EU
  1. Objectives, terms and approach
  2. Implementation of the Fair Value Directive
  3. Implementation of the IAS Regulation
  4. Views of preparers, users and auditors
  5. The role of regulators
  6. The reaction of securities markets
  7. Costs of implementing IFRS
  8. IFRS consolidated financial statements of EU publicly traded companies
  9. IFRS consolidated financial statements of EU non-publicly traded companies
  10. IFRS legal entity financial statements
  11. First-time adoption of IFRS
  12. Fair presentation and accounting policies
  13. Financial statements presentation
  14. Fair value accounting
  15. The use of other options in IFRS
  16. Consolidated financial statements
  17. Banks
  18. Insurance companies
  19. Extractive industries
  20. Service concessions
  21. Intangible assets
  22. Defined benefit pension plan disclosures
  23. Share-based payments
  24. Financial instruments
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