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IAS Regulation (EU)
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IAS Regulation (EU)
Practical Law UK Glossary 1-376-6348
(Approx. 3 pages)
Glossary
IAS Regulation (EU)
EU
regulation
on the application of
international accounting standards
.
Regulation (EC) 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards
(IAS Regulation) came into force on 14 September 2002. It requires that, for financial years starting on or after 1 January 2005, publicly traded companies governed by the law of an EU
member state
must, with certain transitional exceptions, prepare their consolidated financial statements in conformity with adopted
International Financial Reporting Standards (IFRS)
.
For further details on accounting standards generally, see
Practice note, Accounting standards used in the UK
.