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European federation calls for end to ambiguity over IFRS adoption.

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PositionACCOUNTING STANDARDS - International Financial Reporting Standards - Brief article

The continuing confusion caused by the existence of different versions of new international financial reporting standards (IFRSs) could lead to uncertainty in the market and damage investors' confidence, a leading European accountancy body has warned.

The European Commission's tardiness in endorsing each new standard has meant that those originally adopted by the International Accounting Standards Board (IASB) will not always be identical to those recognised under European law. The confusion has been heightened in the case of standards such as IAS39, where the commission has decided to delete certain sections while endorsing the rest.

David Devlin, president of the Federation Des Experts Comptables Europeens (FEE), whose member bodies represent more than 500,000 accounting professionals in Europe, believes that there's an urgent need for a definitive wording. The federation has called on the European Commission to issue guidance to the financial reporting framework and is urging companies to clarify which standards they are using in...

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