Transcription of INTERNATIONAL ACCOUNTING STANDARDS
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INTERNATIONAL ACCOUNTING STANDARDS A CONSULTATION DOCUMENT ON THE POSSIBLE EXTENSION OF THE EUROPEAN REGULATON ON INTERNATIONAL ACCOUNTING STANDARDS 30 August 2002 URN 02/1158 INTERNATIONAL ACCOUNTING STANDARDS A CONSULTATION DOCUMENT ON THE POSSIBLE EXTENSION OF THE EUROPEAN REGULATON ON INTERNATIONAL ACCOUNTING STANDARDS 30 August 2002 Crown copyright CONTENTS PAGE NUMBER Section 1 - Summary and questions 1 5 Section 2 - How to Reply 6 Section 3 - Background 7 13 Section 4 - Analysis of options 14 24 ANNEXES A Regulation of the European Parliament and of the Council on the Application of INTERNATIONAL ACCOUNTING STANDARDS 25 33 B Explanatory note to the Regulation 34 36 C List of regulated markets in the EU 37 41 D Draft Regulatory Impact Assessment 42 49 E Cabinet Office Code of Practice on Written Consultations 50 1. SUMMARY AND QUESTIONS The Regulation of the European Parliament and of the Council on the Application of INTERNATIONAL ACCOUNTING STANDARDS was adopted by Member States on 7 June 2002.
Future standards will be known as International Financial Reporting Standards. The Regulation only applies to the detailed accounting provisions; domestic law implementing the Accounting Directives where relevant will continue to apply in other areas such as the requirement to prepare accounts, auditing, enforcement and the directors’ report.
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