Further to its earlier study on Comparison of the EC Accounting Directives and IAS (International Accounting Standards) which helps to identify whether all IAS can be applied within the EU, FEE has now investigated whether all options in IAS are available to companies whilst at the same time complying with the Accounting Directives. A conflict with the Accounting Directives can often be avoided by using the appropriate option in IASs. In practice, however, a company may prefer the IASs option conflicting with the Directives, usually for competitive reasons since it is common international practice.
The study provides additional guidance to companies in Europe and their accountants wishing to apply IAS, in assessing the options within IAS and their compliance with the Accounting Directives. The analysis in the FEE study is assuming a broad interpretation of the Accounting Directives.
The study presents a comprehensive overview of all options included in IAS. It compares the text of IAS with the relevant text in the Accounting Directives and refers to documents of the Commission, Contact Committee and Accounting Advisory Forum where relevant. It provides a conclusion as to whether or not all options offered by a certain IAS can be used by the companies respecting the Accounting Directives.