How are decisions taken in the European Union to adopt International Financial Reporting Standards (IFRS)?
The IAS Regulation[1] lays down the procedure for making International Financial Reporting Standards (IFRS), formerly known as International Accounting Standards (IAS), mandatory under Community Law. Only those standards which are adopted according to this procedure are subsequently enforceable throughout the European Union. Once a standard has been agreed, it is up to the European Union to decide whether to make that standard mandatory or not in the European Union. The decision is taken under the so-called endorsement process, which works as follows: In accordance with the IAS Regulation, once a standard or interpretation has been adopted by the International Accounting Standard Board (IASB)[2] and by the International Financial Reporting Interpretation Committee (IFRIC) respectively, EFRAG (the European Financial Reporting Advisory Group)[3] assesses it technically and submits that assessment to the Commission. EFRAG is an independent private body whose task is to provide, at the Com
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