Impact of IFRS in the EU

The Commission is evaluating the Regulation 1606/2002 ("the IAS Regulation") to assess:

• IFRS's actual effects
• how far they have met the IAS Regulation's initial objectives
• whether these goals are still relevant
• any areas for improvement

As part of this evaluation process the European Commission is holding a public consultation to seek views from all interested parties on their experience of the IAS Regulation.

Included within our comments we say:

• in our view the Regulation's objectives remain equally valid today
• we believe the IAS regulation has been a very significant catalyst for the growing use of IFRS around the world
• we generally support the current scope of the IAS regulation