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International accounting standards – IAS regulation
International accounting standards – IAS regulation
International accounting standards – IAS regulation
Regulation (EC) No 1606/2002 on international accounting standards
EU Member States have the option to extend the mandatory scope of the IAS regulation by permitting or requiring publicly traded companies to prepare their individual annual accounts in conformity with the IFRSs adopted in accordance with the procedures laid down in the IAS regulation (see below). Member States may also extend this permission or requirement to prepare consolidated accounts or individual annual accounts to non-publicly traded companies.
To ensure appropriate political oversight, the regulation introduces a mechanism to assess the IFRSs and the related interpretations adopted by the London-based International Accounting Standards Board (IASB) (part of the IFRS Foundation) in order to give them enforceability within the EU.
The following two bodies assist in this process.
The endorsement mechanism involves the following two-tier process.
Commission Regulation (EU) 2023/1803 codifies IFRSs and related interpretations, as adopted by the EU, in accordance with Regulation (EC) No 1606/2002. It repeals and replaces Regulation (EC) No 1126/2008. As and when the EU endorses a new IFRS or related interpretation, Regulation (EU) 2023/1803 is amended by a new regulation.
Regulation (EC) No 1606/2002 has applied since 14 September 2002.
Commission Regulation (EU) 2023/1803 has applied since 16 October 2023.
For further information, see:
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).
Successive amendments to Regulation (EC) No 1606/2002 have been incorporated into the original text. This consolidated version is of documentary value only.
Commission Regulation (EU) 2023/1803 of 13 August 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).
See consolidated version.
Commission Regulation (EU) 2023/2468 of 8 November 2023 amending Regulation (EU) 2023/1803 as regards International Accounting Standard 12 (OJ L, 2023/2468, 09.11.2023).
Commission Regulation (EU) 2023/2579 of 20 November 2023 amending Regulation (EU) 2023/1803 as regards International Financial Reporting Standard 16 (OJ L, 2023/2579, 21.11.2023).
Commission Regulation (EU) 2023/2822 of 19 December 2023 amending Regulation (EU) 2023/1803 as regards International Accounting Standard 1 (OJ L, 2023/2822, 20.12.2023).
last update 18.01.2024