IFRS one year on - ICAEW assesses implementation

The Institute has published a report for the European Commission on the first year of implementation across the EU of International Financial Reporting Standards (IFRS) and the Fair Value Directive.

The study is the most comprehensive assessment to date of compliance with the requirements of IFRS and the overall quality of IFRS financial reporting. It evaluates the application of IFRS across EU industries, market places and member states.

The study includes a detailed review of the 2005 financial statements of 200 companies drawn from across 25 EU member states.

It also features an evaluation of the reactions to the transition to IFRS reporting of preparers, users and auditors through an on-line survey and roundtables held across the EU.