International
Accounting Standards
Implementation of the IAS Regulation no.
1606/2002 of the European Parliament and Council of July 19, 2002
into national law of the European Member States
Introductory remarks:The EU regulation of July 19, 2002 adopted by
the European Parliament and the EU Council provides that all listed
companies have to draw up their consolidated accounts in conformity
with IAS rules as of 2005. These rules are adopted by the EU
Commission directly and cover not only those rules already existing,
but also those to be drafted in the future by the I.A.S.B., the
forthcoming amendments to all these rules and finally any
interpretations which my be released by the SIC and the IFRIC on all
these rules.
For the purpose of drafting and releasing the IAS rules, the EU
Commission will be assisted by the "Comité de réglementation
comptable". This Committee again acts on the basis of opinions
rendered by the EFRAG (European Financial Reporting Advisory Group)
and the Technical Experts Group, the latter being a sub-group of the
former.
The EU regulation of 2002 is a regulation taken on the basis of par.
95-1 of the EU-Treaty and directly applicable to the corporations
concerned. The regulation does not require a prior integration of
its content into national law.
