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Dutch regulator and standard-setter join forces on EU fitness check

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23 May 2018

In an uncommon move, the Dutch Authority for the Financial Markets (AFM) and the Dutch Accounting Standards Board (RJ) have joined forces to call on market parties to respond to the European consultation on public reporting. Both fear a loss of transparency and comparability.

As reported earlier, the document seems oddly tilted against the use of IFRSs as issued by the IASB asking for example whether European listed companies are still best served by applying IFRS or whether the European Commission should be given the power to modify IFRSs as issued by the IASB.

The statement published by AFM and RJ states:

The AFM and RJ emphasise that the existing IAS Regulation resulted in an important increase in the transparency and comparability of financial reporting. Not only the comparability between companies within the European Union but also between companies outside of the European Union that apply IFRSs. Realising other policy objectives via (non-) financial reporting such as integrated reporting, sustainability and other ESG aspects, but also digitalisation will contribute to a more sustainable economy and society. However the AFM and RJ are of the opinion that this should not take place at the expense of transparency. The AFM shall endeavour to promote these goals via other standards than IFRSs.

While there have been numerous calls on stakeholders to respond to the consultation (not least by the IASB and the IFRS Foundation), this is the first time a regulator and a standard-setter of a country join forces. The statement was published in the Dutch language but a translation into English can be accessed at the end of it. Please click for the full statement on the RJ website.

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