10 January 2004

CESR recommendation on implementation of Financial Reporting Standards

CESR published its recommendation for regulators on how listed companies can effectively manage the communication of the financial impact of transitioning to international accounting standards in 2005. CESR considers it essential that the transition must be carefully monitored by regulators to ensure that every company continues to meet its reporting requirements and that investors are able to understand the effect of the new reporting standards on the financial position of listed companies.

European companies whose securities are traded on a regulated market will be required to use International Financial Reporting Standards (IAS/IFRS) to prepare their 2005 consolidated financial statements. CESR has identified four milestones in the transition process:

The publication of the 2003 annual report (including the 2003 financial statements);

The publication of the 2004 annual report (including the 2004 financial statements);

The 2005 interim financial reports (half-yearly and quarterly financial reports);

The 2005 annual financial statements.

Press release
Document
Feedback statement

© CESR - Committee of European Securities Regulators