EC Adopts Consolidated Text of IFRS

The European Commission (EC) has adopted the consolidated text of all International Financial Reporting Standards (IFRS) in force in the European Union (EU). The consolidated version puts together all IFRS endorsed to date, including the latest amendments endorsed on 15.10.2008. It will enable stakeholders to refer to only one single legal document. This is an important element of the EC simplification programme aimed at reducing the administrative burden on EU businesses. Internal Market and Services Commissioner, Charlie McCreevy, said: “The consolidated text will make a practical difference to IFRS users in the EU, who can now refer to one single document in their own language, and to EU businesses, whose administrative burdens will be reduced. It is an important part of the Commission’s simplification programme and an important practical step in making EU legislation accessible to businesses and citizens.”



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