Future Commission endorsement Regulations adopting IFRSs and IFRICs – standard wording of the applicability clause
Following discussions at 2 February 2007 and 16 March 2007 meetings of the ARC, it was agreed that the following standard wording will be used in all cases except in those where the applicability is to start as soon as possible:
Each company shall apply [standard(s)/interpretation(s), the exact specification(s) to be filled in] as set out in the Annex, at the latest, as from the commencement date of its first financial year starting after [day+ month+year].
Should applicability need to start as soon as possible, the following wording will be used:
Each company shall apply [standard(s)/interpretation(s), the exact specification(s) to be filled in] as set out in the Annex, at the latest, as from the commencement date of its first financial year starting after the date of entry into force of this Regulation.
The Commission and Accounting Regulatory Committee (ARC) approve the standard formulation for compliance with International Financial Reporting Standards as adopted by the EU (06.12.2005)
This formulation will be used in the notes to the accounts and in the audit report of EU companies subjected to the Regulation 1606/2002/EC ("IAS regulation"). It supersedes earlier recommendations. See Summary Record of the ARC meeting of 30 November 2005.
Commission and ARC provides important information for companies with December year (01.12.2005)
The Commission, at the 30 November ARC meeting, informed Member States that IFRS adopted by the EU and published in the Official Journal before a company signs its financial statements can already be used in those financial statements (see extract ).