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We comment on the EU fitness check

  • Deloitte document (mid gray) Image
  • European Union Image

20 Jul 2018

Deloitte has responded to the European Commission’s consultation document 'Fitness check on the EU framework for public reporting by companies'. While we support the Commission’s efforts and progress towards coherence, we note that we consider that the overall corporate reporting framework is broadly working well. For IFRS reporting entities we suggest that changes are not currently required to the IAS Regulation and stress the importance of the EU remaining globally influential.

In our response to the consultation, we also note that if reducing local GAAP differences were to be considered a priority in the EU and if feasibility studies show that obstacles can be overcome, we would favour initiatives that would gradually allow closer or fuller convergence with IFRS. This could take place through amendments to the Directives or the IAS Regulation allowing companies to voluntarily adopt IFRS in individual or consolidated financial statements, rather than leaving this to the discretion of Member States to decide whether or not this option is granted to the companies in their jurisdiction.

Please click to download the full comment letter here (cover letter with main messages first, followed by completed questionnaire).

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