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FRC welcomes European Commission’s Report on the evaluation of the IAS Regulation
The European Commission has recently adopted a report on the evaluation of its regulation on the application of International Financial Reporting Standards (the IAS Regulation).
Melanie McLaren, Executive Director Codes & Standards at the FRC, welcomed the report,
“The Commission concludes that adoption of IFRS has been largely beneficial and contributed to greater transparency, quality and consistency of corporate reporting by companies in Europe, and enabled meaningful comparisons to be made by investors. We agree that the existing scope of the Regulation and the options given to Member States are appropriate and support consideration of developing more simplified reporting standards for SMEs, as part of building the Capital Markets Union. Improvements to the endorsement process for accounting standards are in train through the reform programme currently being undertaken by EFRAG. The FRC will continue to input to the IASB’s deliberations on its governance and conceptual framework which the Commission has identified as being important to underpinning the quality of standards.”
The Commission’s conclusions were reached after extensive stakeholder research and outreach, and following the views of a panel of experts that included representatives of the FRC.
Notes to editors:
1. The FRC is responsible for promoting high quality corporate governance and reporting to foster investment. We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work. We represent UK interests in international standard-setting. We also monitor and take action to promote the quality of corporate reporting and auditing. We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.
2. The Commission’s report can be found athttp://ec.europa.eu/finance/accounting/docs/ias-evaluation/20150618-report_en.pdf
3. All Press enquiries should be directed to:
- Peter Timberlake, Head of Communications on telephone: 020 7492 2397/ 07768 502332, or email p.timberlake@frc.org.uk.
- Sophie Broom, Communications Manager, on telephone: 020 7492 2395/
07845 947902 or email: s.broom@frc.org.uk. - Rita Carolan, Communications Officer on telephone: 020 7492 2307/ 07428 149096 or email: r.carolan@frc.org.uk
