The FEE president welcomed the outcome of Commission's evaluation as it shows broad support for the use of IFRS, based on the views of EU companies, investors and other stakeholders after 10 years of experience.He commented: "IFRS provide the high quality financial reporting that Europe needs to enhance access to global markets and attract foreign investment for stimulating growth and jobs. The benefits of comparable, reliable and transparent financial information brought about by IFRS are crucial for Europe, now and in the future. 10 years ago Europe was unable to agree on accounting standards. Europe's inability to agree was further evidenced by the many options included in the recently adopted Accounting Directive. Therefore, entrusting the IASB to set reporting standards for listed entities was the right way forward for Europe.
To keep up the good work, FEE also concurs with the Commission's report in finding room for improvement. Europe needs to remain at the forefront of developing IFRS, by providing input to the IASB as early as possible. To this end, FEE has proactively contributed to the reform of the EFRAG. We are happy to see that stakeholders recognise that the renewed EFRAG is achieving its objective of providing a stronger EU voice in the international standard-setting process.
Reducing complexity of IFRS is another area of work in progress. Simplifying disclosures will facilitate the practical and proportional application of the international standards. This is especially critical in view of integrating European capital markets to further the Commission's CMU initiative. If Europe wishes to achieve the objectives of the CMU, IFRS remain the only realistic option for European listed corporations".
Press release
© FEE
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