International financial reporting standards (IFRS) adopted by the European Union

SUMMARY OF:

Regulation (EU) 2023/1803 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002

WHAT IS THE AIM OF THE REGULATION?

It lays down all the international accounting standards and related interpretations issued by the International Accounting Standards Board that the European Commission had adopted by 8 September 2022.

KEY POINTS

Publicly traded companies in the EU have to prepare their consolidated accounts each financial year on the basis of international accounting standards (Article 4 of Regulation (EC) No 1606/2002) (see summary).

The regulation:

consolidates in its Annex the 60 international accounting standards and related interpretations that the EU had adopted until 8 September 2022;
repeals Regulation (EC) No 1126/2008, with effect from 16 October 2023.

FROM WHEN DOES THE REGULATION APPLY?

It has applied since 16 October 2023.

BACKGROUND

For further information, see:

Financial reporting (European Commission).

MAIN DOCUMENT

Commission Regulation (EU) 2023/1803 of 13 September 2023 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 237, 26.9.2023, pp. 1–992).

Successive amendments to Regulation (EU) 2023/1803 have been incorporated into the original text. This consolidated version is of documentary value only.

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