CEBS amendments to guidelines on financial reporting

24 July 2007

CEBS published the approved amendments to the Guidelines on Financial Reporting. CEBS has received a number of comments from industry participants which have improved the quality and the accuracy of the proposals.

Additionally, industry participants have raised broader concerns about the real convergence achieved with CEBS’s Guidelines on FINREP.

On the other hand, CEBS would like to reaffirm again the linkages between the Guidelines and the disclosure requirements established in the International Financial Reporting Standards.

Finally, CEBS recognises that, given the changes in the IAS/IFRS, there is a need for a versioning policy in the project. Therefore, CEBS confirms that this will be the only amendment made to the Guidelines on Financial Reporting during 2007, in accordance with our policy of limiting the changes to the Guidelines to a maximum of one per year.

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