International Insight - December 2014

The European Commission (EC) has recently ended its public consultation regarding the impact of International Reporting Standards (IFRS). It has been almost ten years since the EC mandated the use of IFRS for consolidated financial statement for publicly traded companies in the European Union (EU) and IFRS is now in use in 138 jurisdictions throughout the world.

Has adoption of IFRS in the EU achieved the anticipating transparency and comparability? Have companies incurred significant extra costs adopting IFRS?

The replies received from interested parties in response to the consultation have been made public and the EC intends to publish the results of the study by the end of the year – hopefully these questions will be answered.

Download a PDF of the full International Insight for more detailed information.