FEE issue discussion paper on Audit Report implications of EU's incomplete adoption of IFRS

The IAS Regulation requires European listed companies to prepare consolidated financial statements from 2005 on the basis of international accounting standards, defined as those IFRS that have been endorsed by the European Commission. Both in the accounting policies and in the audit report, reference needs to be made to the applicable financial reporting framework; but selecting appropriate text for such a reference is not straightforward as endorsed IFRS may not necessarily be the same as (full) IFRS. FEE's new Discussion Paper seeks primarily to stimulate debate and questions in relation to these issues at European and global level.

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