The Basis of the Endorsement Procedure for IFRS Accounting Standards

16-05-2016

international Financial Reporting Standards (IFRS) are issued by an international private organisation, the International Accounting Standards Board (IASB). In order to become binding law in the EU, they must be ‘endorsed’ in a specific procedure prescribed in Article 3(1) and 6 Regulation No 1606/2002 and Articles 5a(1)-(4) and Articles 10-11 Council Decision 1999/468/EC, i.e. the ‘Regulatory Procedure with Scrutiny’. All standards and interpretations are adopted as Commission Regulations to have directly binding effect without the need for national implementation.

international Financial Reporting Standards (IFRS) are issued by an international private organisation, the International Accounting Standards Board (IASB). In order to become binding law in the EU, they must be ‘endorsed’ in a specific procedure prescribed in Article 3(1) and 6 Regulation No 1606/2002 and Articles 5a(1)-(4) and Articles 10-11 Council Decision 1999/468/EC, i.e. the ‘Regulatory Procedure with Scrutiny’. All standards and interpretations are adopted as Commission Regulations to have directly binding effect without the need for national implementation.