NON-IFRS ACCOUNTING SYSTEMS CAN BE FILED IN THE EU UNTIL DECEMBER 2014
May 1st, 2012
BY KEITH NUTHALL
THE EUROPEAN Commission has extended until December 2014 the right of non-European Union (EU) countries' companies and public bodies to issue within the EU accounts that clash with international financial reporting standards (IFRS). Brussels has to be convinced their governments are moving towards using IFRS, and the move follows the expiry last December 31(2011) of a previous exemption for such accounts issuers - the new exemption has been backdated until then. The Commission has also now formally accepted that the accounting systems of China, ...
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