Commission Proposal on IAS Regulation

13 February 2001

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This proposal introduced the requirement that, from 2005 onwards at the latest, all EU companies listed in a regulated market, as well as companies preparing admission for trading, prepare their consolidated financial statements in accordance with International Accounting Standards (IAS) adopted for application within the EU. It also provides an option for member states to permit or require the application of adopted IAS in the preparation of annual accounts and to permit or require the application of adopted IAS by unlisted companies. This means that member states can require uniform application of adopted IAS to important sectors such as banking or insurance, regardless of whether companies are listed or not. This proposal also establishes the basic rules for the creation of an endorsement mechanism that will adopt IAS, the timetable for implementation and a review clause to permit an assessment of the overall approach proposed (see press release for a short summary).

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