The Accounting and Reporting Framework in Europe
Accounting and reporting in the European Union is currently still governed by the EC 4th and 7th Directives dating back more than two decades. Many preparers and users now regard these accounting rules as hopelessly outdated - a view shared by the European Commission, which in mid-2000 announced plans to require listed companies throughout the EU to start reporting their consolidated accounts on the basis of International Accounting Standards (IASs) no later than 2005. Despite some opposition by certain sections of the accounting profession, preparers and users are evidently giving wholehearted backing to the proposed new accounting framework.
This introductory session will provide an overview of the current state of financial accounting and reporting in the EU and Switzerland, looking ahead to the changes likely to occur as a result of the Commission's proposals. It will also examine the impact of the switch to IASs on financial translation, and the likely benefits to translators from this initiative.
Speaker: Robin Bonthrone