11 October 2005

Responses to FEE Discussion Paper on Reporting Issues

The European Federation of Accountants (FEE) issued the responses and analysis to the Discussion Paper on Reporting Issues in relation to Endorsed IFRS and Possible Implications for the Audit Report. The key question which the Analysis addresses is how to refer to the financial reporting framework in the accounting policies in the notes to the accounts and in the audit report when applying “endorsed IFRSs”.

There is a clear majority view as far as reference to the financial reporting framework is concerned: the financial reporting framework used in the preparation of financial statements should be referred to either as “in accordance with International Financial Reporting Standards as adopted for use in the EU” or “in accordance with IFRSs as adopted for use in the EU”.

Further key recommendations can be found in the Executive Summary. We urge the EC to issue authoritative guidance in order to remove the perceived ambiguity and the widespread variances existing at present in the reference to the financial reporting framework in the half-year financial statements.

Representative organisation for the accountancy profession in Europe
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Representative organisation for the accountancy profession in Europe
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