Europe’s endorses single set of IASs

The Parliament voted overwhelmingly on Tuesday in favour of the International Accounting Standards Board’s single set of accounting standards to be used by all listed European companies in 2005.

The endorsement means that the necessary legislation will be quickly passed into the member states’ national legislation.

All IASs will be scrutinised by a technical board under the aegis of the European Commission to ensure compliance with other EU laws.

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