When did EU adopt IFRS?
2002
In 2002, the European Union adopted IFRS Standards as the required financial reporting standards for the consolidated financial statements of all European companies whose debt or equity securities trade in a regulated market in Europe, effective in 2005.
Has the EU endorsed IFRS 17?
On 16 July 2021, the Accounting Regulatory Committee (ARC) voted in favour of endorsing IFRS 17 ‘Insurance Contracts’ (including the amendments to IFRS 17 issued in June 2020) for use in the European Union. Final endorsement is currently expected in the fourth quarter of 2021.
What does Efrag stand for?
European Commission. European Financial Reporting Advisory Group (EFRAG)
Who monitors compliance with IFRS for listed EU companies?
ESMA and European national enforcers will monitor and supervise the application of the IFRS requirements as well as any other relevant provisions outlined in the Statement, with national authorities incorporating them into their reviews and taking corrective actions where appropriate.
What year was IFRS enacted into law?
2012
Financial Reporting Framework in Nigeria On 28 July 2010, the Nigerian Federal Executive Council approved 1 January 2012 as the effective date for convergence of accounting standards in Nigeria with International Financial Reporting Standards (IFRS).
What is IFRS 17 for dummies?
IFRS 17 is the newest IFRS standard for insurance contracts and replaces IFRS 4 on January 1st 2022. It states which insurance contracts items should by on the balance and the profit and loss account of an insurance company, how to measure these items and how to present and disclose this information.
What accounting principles are used in Europe?
Private entities need to follow the local GAAP (Generally Accepted Accounting Principles), but in most European countries it is aligned to IFRS. Differences do exist however, and one source of difference is the fact that IFRS as adopted by the EU is sometimes behind the actual IFRS standards.
What is the EU accounting directive?
The 2013 Accounting Directive (Directive 2013/34/EU) provides the legal framework for single company and consolidated accounts for undertakings based in the European Union (EU) that must be transposed into the national legislation of each Member State by 20 July 2015 at the latest.
What is the first reporting date of IFRS?
International Financial Reporting Standard (IFRS) 1, “First Time Adoption of IFRS” was issued on June 19, 2003 with an effective date of January 1, 2004.
What IFRS 14?
IFRS 14 prescribes special accounting for the effects of rate regulation. Rate regulation is a legal framework for establishing the prices that a public utility or similar entity can charge to customers for regulated goods or services. Rate regulation can create a regulatory deferral account balance.