CESR published a report on the implementation and enforcement of IFRS in the EU. It provides a record of European enforcers’ experience with the enforcement of IFRS standards during the first year of their compulsory use in the consolidated accounts of EU listed issuers. The report also aims to record EU enforcers’ compliance at the time with CESR’s Standards on Enforcement.
While EU jurisdictions were still in the process of implementing the necessary enforcement mechanisms the report has been cautious about drawing any specific conclusions about IFRS implementation or enforcement.
EU Enforcers also believe that the move to IFRS has improved the quality of financial reporting in their jurisdiction, mainly due to increased transparency of disclosures and greater comparability between issuers. Nevertheless, EU Enforcers did identify a number of areas in the 2005 financial statements where the level of compliance could be improved, for example, by requiring more extensive disclosure or by reducing the number of accounting options available.
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© Graham Bishop
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