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Parliamentary questions
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25 February 2016
Answer given by Lord Hill on behalf of the Commission
Question reference: E-016071/2015

On the basis of Article 3(2) of Regulation No 1606/2002(1), an International Accounting Standard can only be endorsed if the standard is not contrary to Article 4 (3) of Directive 2013/34/EU(2), i.e. if it gives a true and fair view of an undertaking's assets, liabilities, financial position and profit or loss. Recitals (3) and (29) of the abovementioned Directive explain why it is important that the financial statements give a true and fair view.

The purpose of Recital (9) of the regulation is not at all to ‘disapply’ the requirement of Article 4(3) of the regulation since this is an essential criterion for endorsement. On the contrary, the objective is to assert clearly the supremacy of the true and fair view principle. Essentially, the recital explains that for a standard to be endorsed, its application should result in a true and fair view and that this concept should be guided as far as possible by the general principles contained in the Accounting Directives.

(1)OJ L 243, 11.9.2002. p. 1-4.
(2)Directive 2013/34/EU of the European Parliament and of the Council of 26.6.2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC. OJ L 182, 29.6.2013, p. 19‐76.

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