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.
The FRC has said that the investigation will 'consider, but not be restricted to, issues regarding misstated accounting balances'
The AAT will deliver the end point assessments for the apprenticeships
The tax return deadline is looming, but the 'mad rush' isn't necessary, argues Carl Reader
The London School of Business & Finance has become the official provider of ACCA tuition materials for the PwC CEE Academy