Press release

26 June 2015

FEE supports the European Commission’s positive assessment of IFRS



Riga, 25 June 2015

FEE president Petr Kriz spoke at a major international conference on 10 years of International Financial Reporting Standards (IFRS) in the EU. The Latvian EU presidency hosted this conference to discuss the European Commission evaluation report on the International Accounting Standards (IAS) Regulation, which adopted IFRS in the EU legal framework back in 2005.
The FEE president welcomed the outcome of Commission’s evaluation as it shows broad support for the use of IFRS, based on the views of EU companies, investors and other stakeholders after 10 years of experience.

He commented: “IFRS provide the high quality financial reporting that Europe needs to enhance access to global markets and attract foreign investment for stimulating growth and jobs. The benefits of comparable, reliable and transparent financial information brought about by IFRS are crucial for Europe, now and in the future. 10 years ago Europe was unable to agree on accounting standards. Europe’s inability to agree was further evidenced by the many options included in the recently adopted Accounting Directive. Therefore, entrusting the International Accounting Standards Board (IASB) to set reporting standards for listed entities was the right way forward for Europe.

To keep up the good work, FEE also concurs with the Commission’s report in finding room for improvement. Europe needs to remain at the forefront of developing IFRS, by providing input to the IASB as early as possible. To this end, FEE has proactively contributed to the reform of the European Financial Reporting Advisory Group (EFRAG). We are happy to see that stakeholders recognise that the renewed EFRAG is achieving its objective of providing a stronger EU voice in the international standard-setting process.

Reducing complexity of IFRS is another area of work in progress. Simplifying disclosures will facilitate the practical and proportional application of the international standards. This is especially critical in view of integrating European capital markets to further the Commission’s Capital Markets Union (CMU) initiative. If Europe wishes to achieve the objectives of the CMU, IFRS remain the only realistic option for European listed corporations”.

More information:

FEE responds to the European Commission Questionnaire on the Evaluation of the IAS Regulation

FEE comments on the Public Consultation on Building a Capital Markets Union (CMU)

European Commission website on IAS Regulation EvaluationEuropean Commission website on IAS Regulation Evaluation

About FEE
FEE (Federation of European Accountants) is an international non-profit organisation based in Brussels that represents 47 institutes of professional accountants and auditors from 36 European countries, including all of the 28 EU member states. FEE has a combined membership of more than 800,000 professional accountants, working in different capacities in public practice, small and large accountancy firms, businesses of all sizes, government and education – all of whom contribute to a more efficient, transparent and sustainable European economy.

For more information:

E-mail: [email protected]

Tel: + 32 2 893 33 60


Related content

NewsJoint statement on the Corporate Sustainability Due Diligence Directive

8 December 2022

PublicationFAQs: all you need to know about the Corporate Sustainability Reporting Directive

23 November 2022

NewsEFRAG SRB issues first set of draft EU Sustainability Reporting Standards

23 November 2022

NewsNew SRB chair to further European sustainability reporting agenda

16 November 2022

NewsEC’s proposal to ban products made using forced labour

28 October 2022

NewsEuropean sustainability reporting standards: shaping EU’s green future

22 August 2022

Consultation responseLetter to Commissioner McGuinness on EFRAG’s draft ESRS

29 July 2022

Consultation responseEFRAG PTF-ESRS exposure drafts on European sustainability reporting standards

29 July 2022

NewsEU reaches agreement on the CSRD: a historic moment for corporate reporting

30 June 2022

Consultation responseLetter to Commissioner McGuinness on European sustainability reporting standards

21 April 2022

NewsEU Corporate Sustainability Due Diligence Directive: a global milestone that will need further clarity

24 February 2022

NewsExecutive directors’ bonuses must be linked with sustainability objectives

16 February 2022

NewsStronger corporate reporting in Europe – solutions by the accountancy profession

2 February 2022

Consultation responseIASB’s Exposure Draft on Subsidiaries without Public Accountability: Disclosures and EFRAG’s draft comment letter thereon

25 January 2022

Consultation responseIASB’s Exposure Draft on Disclosure Requirements: A Pilot Approach and EFRAG’s draft comment letter thereon

17 December 2021

Consultation responseIASB’s Exposure Draft: Management Commentary and EFRAG’s Draft Comment Letter

15 November 2021

NewsTime to deliver on high quality sustainability reporting

12 November 2021

Consultation responseEFRAG’s consultation paper – due process procedures for EU sustainability reporting standard-setting

14 September 2021

EventEFRAG Accountancy Europe BusinessEurope EFFAS IASB Joint Webinar

9 September 2021

Consultation responseIFRS Foundation’s Exposure Draft: Proposed targeted amendments to the IFRS Foundation constitution to accommodate an...

22 July 2021

Sign up for our newsletter

* indicates required
Would you like to subscribe to our newsletter?
On which topics would you like to receive news?