Our Financial Reporting Expert Group contributed to our response to the European Commission public consultation on the Impact of International Financial Reporting Standards (IFRS) in the EU. We noted that the adoption of IFRS by the EU has encouraged wider adoption of IFRS and assisted the move towards establishing a set of globally accepted high-quality standards. We argued that small companies listed on regulated markets should have the choice to use IFRS for SMEs or full IFRS, rather than having to use full IFRS as at present. We highlighted our concern about the increasing length of their annual reports and accounts as a function of increased disclosure both in the narrative and financial statement, which could result in annual reports and accounts becoming less clear.
Click here to download the response (pdf)