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Last checked: 11/06/2019

Accounting rules and standards

UK decision to invoke Article 50 of the TEU: More information

International accounting standards

Under the EU's legislation, all listed EU companies must prepare their consolidated accounts in accordance with a single set of global standards - the International Financial Reporting Standards (IFRS). Most Member States also permit the IFRS for the consolidated accounts of non-listed companies. In addition, some Member States have decided to permit or require the IFRS for individual financial statements of certain companies.

These standards are developed by an independent accounting body, the International Accounting Standards Board (IASB) and then adopted by the EU.

You can read more about EU rules on financial reporting and transparency requirements on the company reporting section of the European Commission's portal.

Rules for non-EU businesses

To reduce the costs and complexity of trade for all parties, the EU is working towards global convergence of accounting rules. It does so by encouraging non-EU firms trading with the EU to produce their financial reports on the basis of the International Financial Reporting Standards or equivalent national accounting standards.

Related topics

EU legislation

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