This document is an excerpt from the EUR-Lex website
International accounting standards adopted within the European Union
International accounting standards adopted within the European Union
International accounting standards adopted within the European Union
This summary has been archived and will not be updated. See
'International financial reporting standards (IFRS) adopted by the European Union'
for an updated information about the subject.
- Date of last review:
- 02/05/2019
- Author:
- Publications Office of the European Union
- Responsible entity(ies):
- Directorate-General for Financial Stability, Financial Services and Capital Markets Union
- Archived:
-
true
- Summarised document(s):
- Summary code:
-
- 14.99.00.00 Archived summaries
- EUROVOC descriptor:
- Directory code:
-
- 13.40.00.00 Industrial policy and internal market / Internal market: policy relating to undertakings
- 17.10.00.00 Law relating to undertakings / Company law
International accounting standards adopted within the European Union
SUMMARY OF:
WHAT IS THE AIM OF THE REGULATION?
- It sets out the international accounting standards (IAS) which the EU has adopted. Under a parallel regulation (Regulation (EC) No 1606/2002 — International accounting standards), all EU listed companies*, including banks and insurance companies, must prepare their consolidated accounts according to these requirements.
- It replaces and repeals Regulation (EC) No 1725/2003 which had previously adopted certain international accounting standards.
KEY POINTS
The regulation and successive amendments include:
- 27 IAS ranging from presentation of financial statements to borrowing costs and intangible assets;
- 16 international financial reporting standards on subjects such as business combinations and insurance contracts;
- 19 interpretations from the International Financial Reporting Interpretations Committee covering, among others, rights to interests from decommissioning, restoration and environmental rehabilitation funds;
- 8 interpretations by the Standard Interpretations Committee, including the introduction of the euro and government assistance.
The European Commission:
- decides on the applicability of international accounting standards within the European Union after consulting the Accounting Regulatory Committee;
- publishes an amending regulation whenever the EU endorses a new standard issued by the International Accounting Standards Board.
FROM WHEN DOES THE REGULATION APPLY?
It has applied since 2 December 2008.
BACKGROUND
- Listed companies must prepare their consolidated financial statements according to a single set of international financial reporting standards.
- The standards aim to ensure the transparency and comparability of company accounts. This information contributes to the efficient and cost-effective functioning of the EU capital market.
-
For more information, see:
- Financial reporting (European Commission).
KEY TERMS
MAIN DOCUMENT
Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, pp. 1-481)
Successive amendments to Regulation (EC) No 1126/2008 have been incorporated into the original version. This consolidated version is of documentary value only.
RELATED DOCUMENTS
Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards (OJ L 243, 11.9.2002, pp. 1-4)
See consolidated version.
Commission Regulation (EC) No 1725/2003 of 29 September 2003 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 261, 13.10.2003, pp. 1-420)
See consolidated version.
last update 02.05.2019
