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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.