Share this content on Facebook!
08 Aug 2016

International Financial Securities Regulatory Commission Regulation on the application of International Financial Reporting Standards

The objective of adopting International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) is to standardise companies’ financial reporting so that:

 

- financial statements are more transparent and comparable;

- the EU capital market and the single market can operate efficiently.

 

To achieve this objective, Regulation (EC) No 1606/2002 was adopted (the “IAS Regulation” or Regulation on the application of International Financial Reporting Standards). The scope of the IAS Regulation is as follows:

 

- Basic rule – IFRS...