What Have We Learned from the EU Experience of IFRS Reporting?
by Michael Izza, Chief Executive, ICAEW | June 30, 2015
In July 2002, regulations were adopted requiring all European Union (EU) companies with securities traded on a regulated market to prepare their consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). A decade since the switch to IFRS in 2005 by approximately 7,000 listed companies, debate continues over whether or not the introduction of international accounting standards has been beneficial. What is certain, though, is that important lessons can be learned from the EU experience of IFRS reporting. With this in mind, the Financial Reporting Faculty of the Institute of Chartered Accountants of England and Wales (ICAEW) has produced a new thought leadership report, Moving to IFRS Reporting: Seven Lessons Learned from the European Experience.