EU rules on waiver for companies to file in GAAP
EC formalises a waver on GAAP reconciliation, enabling companies to file financial reports in EU markets using GAAP
EC formalises a waver on GAAP reconciliation, enabling companies to file financial reports in EU markets using GAAP
EU has formalised a waiver, enabling companies to file financial statements
in European markets using US generally accepted accounting principles (GAAP) as
well as the accounting standards of five other countries without reconciling
them to International Financial Reporting Standards (IFRS).
The measures introduced by the EC declare US GAAP and accounting standards
from Canada, China, Japan, South Korea and India ‘equivalent’ to IFRS as adopted
in the EU, WebCPS reports.
Charlie McCreevy, European internal market and services commissioner,
welcomed the measures. ‘Today’s adoption by the commission is a momentous step.
It marks the culmination of important work spanning several years,’ he said.
EC said that it would review the standards in Canada, China, South Korea and
India by 2011 at the latest.
Further reading:
EU accepts local accounting standards from six
countries
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourcePwC's Australia tax scandal has led to significant changes, including over 300 job cuts and the refusal to share a crucial report with Australian parl...
View articleAccountants and accounting firms play a crucial role in maintaining financial integrity, facing ethical dilemmas and regulatory challenges. Adherence ...
View articleThe creation of an effective sustainability standards infrastructure requires not only high-quality sustainability reporting and assurance standards, ...
View articleChanges will help to make accounting profession more attractive, ICAEW boss says Read More...
View article38% of firms required significant improvements, prompting the council to state Tier 2 and Tier 3 firms must "prioritise audit quality improvements and...
View articleFaber has been outspoken about the EU's approach and reinforces the ISSB's approach of a climate transitioning on the "necessary scale" Read More...
View articleEffective corporate reporting on sustainability will prevent greenwashing issues and deliver more data for better implementation of climate policies R...
View articleBy staying informed, seeking expert guidance, and adopting a forward-looking approach, accountants can successfully navigate the new regulatory landsc...
View article