IS IFRS FAILING?

摘要

International Financial Reporting Standards (IFRS) were adopted for consolidated accounts of entities listed on an EU-regulated market, in 2005. While the standards have essentially been adopted in full, there is an endorsement process with European Financial Reporting Advisory Group (EFRAG) at its centre. Apart from some delayed adoption dates dictated during endorsement, the only other significant carve-out is a complex fair value issue in IAS 39, Financial Instruments: Recognition and Measurement, which only affects about a dozen financial institutions in the EU. In January 2014-10 years after the initial decision to move to IFRS reporting - the European Commission appointed Mazars and ICAEW to assess the impact of the switch to International Financial Reporting Standards (IFRS) on the comparability and transparency of financial statements and of the efficient functioning of the market.