European regulators must not undermine the willingness of companies and auditors to exercise professional judgement by rushing to issue interpretations of International Financial Reporting Standards (IFRS). So says the Institute in its published response to a discussion paper from the European Financial Reporting Advisory Group (EFRAG) on achieving consistent application of IFRS in the EU.
The Institute points out that while European companies implementing IFRS for the first time face many challenges, particularly in jurisdictions where the existing accounting framework relies on a detailed body of rules rather than on principles-based standards, few of the issues involved are likely to merit the publication of formal interpretations.
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