Brussels, 22 April 2008
In the Paper the Commission Services recall the move, in 2007, by the United States Securities Exchange Commission to waive the requirement for IFRS-based financial statements to be reconciled to US GAAP. The European Commission continues with its objective for seeking removal of this reconciliation requirement for all European issuers using IFRS as adopted by the EU. Efforts need to continue to resolve the issue of the carve-out of IAS 39. In this context the Paper calls on the IASB to play a full role.
The Paper also considers countries which are already successfully applying
IFRS. These include, for instance: Australia; Hong Kong; New Zealand; Singapore
and South Africa. Israel has made IFRS mandatory for all listed companies except
for banks and dual listed companies as from January 2008. In these cases the
Paper calls for an explicit and unreserved statement of such a compliance
with IFRS to be included in the audited financial statements.
In the coming years the Commission Services will continue to monitor the situation and assess ongoing efforts by third countries in moving to IFRS.
The Paper is available at: