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Recent developments
The 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