Europe's coordinating institution for national securities regulators - the Committee of European Securities Regulators - has issued an alert on the importance to issuers of giving clear and transparent disclosure of the accounting policies that they adopt in their consolidated annual statements.
Most of those reports cited by the CESR will be released in early 2006 for the first time under Europe's new International Financial Reporting Standards accounting guidelines.
The companies being addressed comprise most of the EU's 8,000 listed companies, in addition to U.S. firms listed on regulated markets in the EU. A small number of mainly smaller enterprises, with no subsidiaries, will continue to report under locally accepted accounting principles.
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