The Council of Finance Ministers from the 15 European member states has approved a Directive that would create a single prospectus to be used throughout Europe.
The French Banking Federation has issued a public statement expressing serious concerns about the suitability of IAS/IFRS for banks and other enterprises in Europe.
The Council of the European Union has adopted an IAS Regulation requiring listed companies, including banks and insurance companies, to prepare their consolidated accounts in accordance with International Accounting Standards (IAS) from 2005 onwards.
The European Commission has proposed to amend the existing European Union Accounting Directives as part of its plan to create an integrated financial services market in Europe.
With the objective of creating a fully integrated pan-European securities market, the European Commission is preparing a new proposal for a Directive dealing with ongoing and periodic transparency requirements of securities issuers.