According to accounting watchdog Company Reporting already one in five of Europe's largest companies publish their financial statements in accordance

According to accounting watchdog Company Reporting already one in five of Europe's largest companies publish their financial statements in accordance with International Financial Reporting Standards (IFRS).

Countries where more than half of companies adopt IFRS include Germany, Switzerland and Belgium where 67%, 59% and 57% respectively of companies in the FTSEurofirst 300 index prepare their financial statements in accordance with IFRS. At the opposite end of the spectrum no companies in the UK, France, Spain or Italy have implemented IFRS largely because their domestic legislation prohibits early adoption.

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