International Financial Reporting Standards (IFRS) are used by companies to prepare their financial statements in more than 100 countries. In the EU, since 2005, Regulation 1606/2002 requires all listed companies to prepare their consolidated financial statements according to IFRS, with the aim to first of all eliminate barriers to cross-border trading in securities by ensuring that company accounts throughout the EU are more transparent and comparable, and also to increase market efficiency by reducing the cost of capital for companies and by enhancing investor protection.
Following the financial crisis, IFRS have been increasingly scrutinised at international and EU levels, and in 2013, Special Adviser to Commissioner Barnier Philippe Maystadt reviewed the governance of EU bodies in this field to help strengthen the EU’s contribution to achieving global and high quality accounting standards.
The European Commission is now complementing this review by evaluating the IAS Regulation and launched, on 7 August, a public consultation on the impact of IFRS in the European Union. It considers how effectively the Regulation has achieved its aims by including questions on the costs and benefits associated with IFRS, the process for endorsing them for use in Europe and on the quality of the standards and their enforcement.
To raise further awareness on this process, ACCA (the Association of Chartered Certified Accountants) is organising a high level conference in order to both present and discuss the recently published consultation on the evaluation of the IAS Regulation and the potential ways forward.
12.45pm: Registration and lunch
2pm: Welcome speech by Theodor Dumitru Stolojan, MEP
2.10pm: Presentation of the EC consultation on the IAS review, Didier Millerot, head of the Accounting unit, European Commission
2.25pm: Roundtable moderated by Richard Martin, ACCA head of Corporate Reporting including speakers from :
- Vincent Papa, CFA institute
- Claes Norberg, BusinessEurope
- Ricardo Sanchez, EBF
- Mark Vaessen, FEE
- Melanie McLaren, FRC
- Pr Colin Haslam, Queen Mary University, London
3.25pm: Debate with the audience
3.45pm: Concluding remarks, Olivier Boutellis Taft, CEO, FEE
4.55pm: Conclusions, MEP Stolojan
RSVP by 15 September 2014 to email@example.com
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