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A commentary on issues relating to the enforcement of International Financial Reporting Standards in the EU

  • Philip Brown
  • Ann Tarca
Registered author(s):

    The adoption of International Financial Reporting Standards (IFRS) is supported in many countries because it may improve the quality and international comparability of financial reporting. However, these goals are less likely to be achieved without regulatory oversight that promotes rigorous and consistent use of IFRS. Consequently the European Union (EU) is requiring all member states to introduce enforcement bodies by 2005, the date of IFRS adoption in the consolidated financial statements of all EU listed companies. We review ongoing activities in France, Germany, the Netherlands and the UK in setting up and modifying enforcement bodies before 2005. We test current developments against the Federation des Experts Comptables Europeens (FEE) (2002) recommendations and against the principles for effective enforcement proposed in CESR Standard No. 1 on Financial Information. We present the views of people involved in financial reporting standard setting and enforcement from these countries, as well as the IASB, FEE and EFRAG, about the challenges of achieving effective uniform enforcement. Our paper will be of interest to people developing or participating in enforcement bodies, and to capital market participants who will be subject to the various regulatory regimes.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/0963818042000338997
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    Article provided by Taylor & Francis Journals in its journal European Accounting Review.

    Volume (Year): 14 (2005)
    Issue (Month): 1 ()
    Pages: 181-212

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    Handle: RePEc:taf:euract:v:14:y:2005:i:1:p:181-212
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