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1998 law revising the Chart was accompanied by the creation of the new
accounting standards' setting body (Comité de la réglementation comptable
- CRC) reporting to the Ministry of Economy and Finance. The CRC has been
delegated the power to enforce the legal value of accounting standards
in France, which obviates the need to go through the protracted process
of agreeing on a parliamentary Decree. It will draw up the conditions
under which French corporations, listed on organised and regulated markets,
are permitted to present IAS financial statements, in conformity with
French accounting requirements.
The past 10 years have seen a significant shift towards adopting non-French
accounting standards, as a second set of consolidated accounts; currently,
a total of 30 French corporations publish their accounts in accordance
with international accounting standards, 21 following IASC and 9 using
US GAAP. These French corporations also have to state that they complied
with French accounting requirements
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