FRC welcomes EC’s Report on the evaluation of the IAS regulation

19 June 2015

FRC commented on an adopted report by the EC on the evaluation of its regulation on the application of IFRSs (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.

Full press release

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