Implementation of the IAS Regulation by EuropeanUnion

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									                          Implementation of the IAS Regulation (1606/2002) in the EU and EEA                              (published for information purposes only)            Date 25/02/08                               1
              European Commission                             Austria                      Belgium                      Bulgaria                    Cyprus                Czech Rep.                  Denmark                         Estonia
Status of the implementation of IAS                           Final law                    Final law                    Final law                  Final law               Final law                  Final law                      Final law
Article 5(a) of the IAS Regulation
                                                                                                                                                                                                Fin. entities: Yes Other
LISTED COMPANIES                                                                   To be examined with tax
                                                                 No                                                        No                         No                      No               entities: Until 2009: Yes                 No
1. Will your MS use the option to permit IAS in                                       and legal aspects
                                                                                                                                                                                                    After 2009: No
the annual accounts for listed companies?
2. Will your MS use the option to require IAS in                                       Yes for real estate
the annual accounts for listed companies?                                            investment companies                                                                                       Fin. entities: No Other
                                                                 No                 (SICAFI/BEVAK). For                    Yes                        Yes                     Yes              entities: Until 2009: No                  Yes
                                                                                     others, to be examined                                                                                        After 2009: Yes
                                                                                   with tax and legal aspects
Article 5(b) of the IAS Regulation
OTHER COMPANIES
                                                                                                                                                                               Yes                                                 Yes All types
1. Will your MS use the option to permit IAS in           Yes, all companies          Yes, all companies             Yes, for SMEs1                   No                                             Yes, all types
                                                                                                                                                                     All types of companies                                       other than below
the consolidated accounts for other companies?
If yes, what type of companies?
2. Will your MS use the option to require IAS in                                                                                                                                                                               Yes. Credit institutions,
the consolidated accounts for other companies?                                                                                                                                                                                 insurance undertakings,
                                                                                                                Yes, for all other type of
If yes, what type of companies?                                                          Yes, for credit                                                                                                                           financial holding
                                                                                                                companies, except SMEs
                                                                 No                     institutions, and                                     Yes, all companies              No                          No                      companies, mixed
                                                                                                                and entities in liquidation
                                                                                       investment firms                                                                                                                            financial holding
                                                                                                                     and insolvency
                                                                                                                                                                                                                                companies, investment
                                                                                                                                                                                                                                         firms
3. Will your MS use the option to permit IAS in
                                                                                   To be examined with tax                                                                                                                          Yes, all types
the annual accounts for other companies?                         No                                                  Yes, for SMEs                    No                      No                     Yes, all types
                                                                                      and legal aspects                                                                                                                           other than below
If yes, what type of companies?
4. Will your MS use the option to require IAS in                                                                                                                                                                               Yes. Credit institutions,
the annual accounts for other companies?                                                                                                                                                                                       insurance undertakings,
                                                                                                                Yes, for all other type of
If yes, what type of companies?                                                                                                                                                                                                    financial holding
                                                                                   To be examined with tax      companies, except SMEs
                                                                 No                                                                           Yes, all companies              No                          No                      companies, mixed
                                                                                      and legal aspects         and entities in liquidation
                                                                                                                                                                                                                                   financial holding
                                                                                                                     and insolvency
                                                                                                                                                                                                                                companies, investment
                                                                                                                                                                                                                                         firms
Article 9 of the IAS Regulation
(a) Will your MS use the option to defer the
                                                                                                                                                                                                Fin. entities: No Other
application of IAS until 2007 for companies                      Yes                          Yes                          No                         No                      No                                                         No
                                                                                                                                                                                                     entities: Yes
whose debt securities only are admitted on a
regulated market of any MS?
(b) Will your MS use the option to defer the
application of IAS until 2007 for companies
whose securities are admitted to public trading in a
non-member State and which, for that purpose,                    Yes                          Yes                          No                         No                      No                          No                             No
have been using internationally accepted standards
since a financial year that started prior to the
publication of the IAS Regulation in the OJ?
Miscellaneous                                                                                                        a) Yes, has been
Is earlier adoption (before 2005) of IAS allowed?                                                                  mandatory for listed
If yes, for what type of companies/ from when?                                                                      companies, banks,
                                                                                                                                                                                               Yes for 2004. The annual
                                                                                                                insurance and investment
                                                       Yes, cons. accounts since    Yes, cons. accounts for                                            Yes              Yes all types of       and cons. accounts for all           Yes All types
                                                                                                                    undertakings, since
                                                                 1998                   all companies                                         all types since 2003        companies            costs except for financial            01.01.2003
                                                                                                                        1.01.2003
                                                                                                                                                                                                         costs
                                                                                                                 b) Other companies, has
                                                                                                                   been voluntary since
                                                                                                                        01.01.2003




1
    Bulgarian SMEs must use the same accounting framework (IAS or national GAAP) for both annual and consolidated accounts
                           Implementation of the IAS Regulation (1606/2002) in the EU and EEA                                  (published for information purposes only)           Date 25/02/08                             2
              European Commission                               Finland                       France                        Germany                   Greece                   Hungary                     Ireland                        Italy
Status of the implementation of IAS                             Final law                    Final law                      Final law                 Final law                Final law                  Final law                     Final law
Article 5(a) of the IAS Regulation
LISTED COMPANIES                                                                                                    No, but additionally to                               No, but additionally to                                     No, even for
                                                                   Yes2                         No                                                       No                                                  Yes
1. Will your MS use the option to permit IAS in                                                                   still required local GAAP                             still required local GAAP                                 insurance companies
the annual accounts for listed companies?
2. Will your MS use the option to require IAS in                                                                                                                                                                                    Yes3, except for
                                                                   No                           No                              No                       Yes                      No                         No
the annual accounts for listed companies?                                                                                                                                                                                         insurance companies
Article 5(b) of the IAS Regulation
                                                                                                                                                                            Yes, all types of
OTHER COMPANIES                                                                                                                                                                                                                   Yes, except for small
                                                                                                                                                                          companies within the
1. Will your MS use the option to permit IAS in               Yes4, all types                   Yes                       Yes, all types         Yes, some companies4                                   Yes, all types           enterprises and required
                                                                                                                                                                            scope of Act of
the consolidated accounts for other companies?                                                                                                                                                                                         companies
                                                                                                                                                                              Accounting
If yes, what type of companies?
2. Will your MS use the option to require IAS in
the consolidated accounts for other companies?
If yes, what type of companies?                                                                                       Yes, companies, which                                                                                           Yes, for some
                                                                   No                           No                                                       No                       No                         No
                                                                                                                      have filed for a listing                                                                                         companies5


3. Will your MS use the option to permit IAS in                                                                                                                                                                                       Yes, except for
the annual accounts for other companies?                                                                            No, but additionally to                               No, but additionally to   Yes, all bar companies           insurance, small
                                                                  Yes2,4                        No                                               Yes, some companies4
If yes, what type of companies?                                                                                   still required local GAAP                             still required local GAAP    not trading for gain        enterprises and required
                                                                                                                                                                                                                                        companies
4. Will your MS use the option to require IAS in
the annual accounts for other companies?
If yes, what type of companies?
                                                                   No                           No                              No                       No                        No                        No                  Yes, some companies6



Article 9 of the IAS Regulation
(a) Will your MS use the option to defer the
application of IAS until 2007 for companies                        Yes                          Yes                             Yes                      No                       Yes                        Yes                           No
whose debt securities only are admitted on a
regulated market of any MS?
(b) Will your MS use the option to defer the
application of IAS until 2007 for companies
whose securities are admitted to public trading in a
non-member State and which, for that purpose,                      No                           N/A                            Yes                       No                       No                         No                            No
have been using internationally accepted standards
since a financial year that started prior to the
publication of the IAS Regulation in the OJ?
Miscellaneous
Is earlier adoption (before 2005) of IAS allowed?         1. Listed comps: cons.                                         Yes, cons. acc.
If yes, for what type of companies/ from when?              accounts 30.9.2003                                           option for listed
                                                                                                                                                       31.12.2004         No, but additionally to
                                                         2. Other comps (not ins.               No                     companies (as from                                                                    No                            No
                                                                                                                                                 Yes, some companies4   still required local GAAP
                                                           comps): all accounts                                       1998) and for unlisted
                                                                   2004                                                 comps from 2003




2
    Finland: Not insurance companies
3
    Italy: Listed insurance enterprises must comply with IASs only if they do not draw up consolidated accounts
4
    Finland and Greece: Companies, which are audited by certified auditors
5
    Italy: Supervised financial companies; companies with financial instruments widely distributed among the public; insurance companies
6
    Italy: Supervised financial companies; companies with financial instruments widely distributed among the public
                          Implementation of the IAS Regulation (1606/2002) in the EU and EEA                              (published for information purposes only)         Date 25/02/08                               3
              European Commission                               Latvia                     Lithuania                  Luxemburg               Malta                   Netherlands                    Poland                         Portugal
Status of the implementation of IAS                                                                                    Final law7
                                                               Final law                    Final law                                          Final law                Final law                   Final law                      Final Law
                                                                                                                      Law proposal
Article 5(a) of the IAS Regulation
LISTED COMPANIES                                                                                                                                                                                                            Yes, except for banks and
                                                                  No                           No                          Yes                    No                       Yes                         Yes
1. Will your MS use the option to permit IAS in                                                                                                                                                                               financial institutions
the annual accounts for listed companies?
2. Will your MS use the option to require IAS in                                                                                                                                                                             Yes, but additionally to
the annual accounts for listed companies?                                                                                                                                                                                      still required local
                                                                                                                                                                                                                             GAAP. Only for banks,
                                                                 Yes                           Yes                         No                     Yes                      No                          No
                                                                                                                                                                                                                            insurance companies and
                                                                                                                                                                                                                                 other financial
                                                                                                                                                                                                                                    institutions
Article 5(b) of the IAS Regulation                                                                                                                                                              Yes, 1) companies
OTHER COMPANIES                                                                                                                                                                                  having filed for
                                                       Yes, all types (except for
1. Will your MS use the option to permit IAS in                                                                                                                                                admission to public
                                                            banks, insurance
the consolidated accounts for other companies?                                       Yes, all types, except                                                                                   trading; 2) any parent                  Yes,
                                                        commercial companies                                               Yes                    No                  Yes, all types
If yes, what type of companies?                                                      insurance companies                                                                                     comp. being a subs. of                 all types
                                                         and other supervised
                                                                                                                                                                                                another parent u/t
                                                         financial institutions)
                                                                                                                                                                                             preparing its cons. acc.
                                                                                                                                                                                                 in line with IAS
2. Will your MS use the option to require IAS in         Yes, banks, insurance
                                                                                                                                                                                                                               Yes, for banks and
the consolidated accounts for other companies?          commercial companies        Yes, for banks and other
                                                                                                                           No                     Yes                      No                      Yes, banks                financial institutions in
If yes, what type of companies?                          and other supervised          credit institutions
                                                                                                                                                                                                                                      2006
                                                         financial institutions
3. Will your MS use the option to permit IAS in                                                                                                                                                 Yes, 1) companies
the annual accounts for other companies?                                                                                                                                                         having filed for                      Yes,
If yes, what type of companies?                                                                                                                                                                admission to public            companies within the
                                                                                     Yes, all types, except       Probably yes, probably
                                                                  No                                                                              No                  Yes, all types          trading; 2) companies         scope of consolidation of
                                                                                     insurance companies                all types
                                                                                                                                                                                            whose parent u/t prepares         an entity who applies
                                                                                                                                                                                            its cons. acc. in line with            IAS/IFRS
                                                                                                                                                                                                       IAS
4. Will your MS use the option to require IAS in         Yes, banks, insurance
the annual accounts for other companies?                commercial companies        Yes, for banks and other
                                                                                                                           No                     Yes                      No                          No                              No
If yes, what type of companies?                          and other supervised          credit institutions
                                                         financial institutions
Article 9 of the IAS Regulation
(a) Will your MS use the option to defer the
application of IAS until 2007 for companies                       No                           No                          Yes                    No                       No                          Yes                             No
whose debt securities only are admitted on a
regulated market of any MS?
(b) Will your MS use the option to defer the
application of IAS until 2007 for companies
whose securities are admitted to public trading in a
non-member State and which, for that purpose,                     No                           No                          Yes                    No                       No                          No                              No
have been using internationally accepted standards
since a financial year that started prior to the
publication of the IAS Regulation in the OJ?
Miscellaneous                                               Yes, banks, ins.
Is earlier adoption (before 2005) of IAS allowed?         companies, other          Yes, for banks and their
                                                                                                                    Derogations on an       Yes all types of                                                                   Derogations on an
If yes, for what type of companies/ from when?           supervised financial       controlled fin. inst. since                                                            No                          No
                                                                                                                     individual basis         companies                                                                         individual basis
                                                        institutions had to use               1997
                                                           IAS before 2005




7
    Luxembourg: final law for banks and insurance companies; law proposal for common law companies
                          Implementation of the IAS Regulation (1606/2002) in the EU and EEA                                 (published for information purposes only)                    Date 25/02/08                            4
              European Commission                                    Romania                             Slovakia                        Slovenia                           Spain                           Sweden                              UK
Status of the implementation of IAS                                  Final law                           Final law                       Final Law                         Final law                        Final law                        Final law
Article 5(a) of the IAS Regulation                     No, but for purposes of information
LISTED COMPANIES                                        only. Annual financial statements
1. Will your MS use the option to permit IAS in        that are in line with the Accounting       Yes, if not companies of
the annual accounts for listed companies?                                                                                                   Yes                               No                               No                               Yes
                                                        Regulations conform to the Fourth             public interest8
                                                       Directive are required in the relation
                                                        with the Government authorities.
2. Will your MS use the option to require IAS in                                                 Yes, companies of public
                                                                        No                                                                   No                               No                               No                               No
the annual accounts for listed companies?                                                                interest8
Article 5(b) of the IAS Regulation                      Yes. According to the Order of
OTHER COMPANIES                                           the minister of economy and
1. Will your MS use the option to permit IAS in            finance no. 2374/2007, the
the consolidated accounts for other companies?          entities applying the Accounting
If yes, what type of companies?                            Regulations conform to the                                            Yes, for companies, other
                                                         European Directives, excepting                                          than banks and insurance
                                                                                                                                                                                                                                                 Yes,
                                                        the entities whose securities are                                       companies, if so decided by
                                                                                                            No                                                           Yes, all types                   Yes, all types           all types of companies except
                                                       admitted to trading on a regulated                                           the assembly of the
                                                                                                                                                                                                                                        for the charity sector
                                                           market, and which have the                                              company, but for the
                                                              obligation to draw up                                             minimum period of 5 years
                                                       consolidated financial statements,
                                                         may apply in this regard either
                                                       IFRS or Accounting Regulations
                                                       conform to the Seventh Directive.
2. Will your MS use the option to require IAS in
                                                                                                                                Yes, for banks and insurance
the consolidated accounts for other companies?              Yes, for credit institutions.       Yes, any type of companies                                                    No                               No                               No
                                                                                                                                         companies
If yes, what type of companies?
3. Will your MS use the option to permit IAS in               No, but for purposes of
the annual accounts for other companies?                   information only. Financial                                           Yes, for companies, other
                                                                                                    Yes, for those listed
If yes, what type of companies?                                                                                                  than banks and insurance
                                                       statements that are in line with the      companies and merchants                                                                                                                         Yes,
                                                                                                                                companies, if so decided by
                                                        Accounting Regulations conform          with securities except banks,                                                 No                               No                  all types of companies except
                                                                                                                                    the assembly of the
                                                            to the Fourth Directive are         which are not those of public                                                                                                           for the charity sector
                                                                                                                                   company, but for the
                                                         required in the relation with the                interest8
                                                                                                                                minimum period of 5 years
                                                             Government authorities.
4. Will your MS use the option to require IAS in
                                                                                                 Yes, for all companies of      Yes, for banks and insurance
the annual accounts for other companies?                                No                                                                                                    No                               No                               No
                                                                                                      public interest8                    companies
If yes, what type of companies?
Article 9 of the IAS Regulation
(a) Will your MS use the option to defer the
                                                         Yes (starting with the financial                                                                           Yes, except for banking
application of IAS until 2007 for companies                                                                 No                              Yes                                                                Yes                              No
                                                       statements for 2007 financial year)                                                                            sector companies
whose debt securities only are admitted on a
regulated market of any MS?
(b) Will your MS use the option to defer the
application of IAS until 2007 for companies
whose securities are admitted to public trading in a
                                                         Yes (starting with the financial
non-member State and which, for that purpose,                                                               No                               No                               No                               No                               No
                                                       statements for 2007 financial year)
have been using internationally accepted standards
since a financial year that started prior to the
publication of the IAS Regulation in the OJ?
Miscellaneous                                             Yes (starting with the financial
Is earlier adoption (before 2005) of IAS allowed?      statements for 2001 financial year),
                                                                                                            No                               No                               No                               No                               No
If yes, for what type of companies/ from when?           but for purposes of information
                                                                       only.


8
  Companies of public interest mean the banks, Export- Import Bank of Slovak Republic, insurance companies excepting health insurance companies, stock exchange, Office of Slovak Assurors, Slovak Railroads, reinsurance companies, asset management
companies and the companies, that at least in two consecutive reporting years fulfil at least two from following three preconditions: gross amount of asset over 5 billions of Slovak Crowns (approximately 149.000.000,- EUR), net turnover over 5 billions of Slovak
Crowns and average number of employees over 2000.
                          Implementation of the IAS Regulation (1606/2002) in the EU and EEA              (published for information purposes only)   Date 25/02/08   5



              European Commission                                 Iceland                Liechtenstein               Norway
Status of the implementation of IAS                              Final law                 Final law                 Final law
Article 5(a) of the IAS Regulation
LISTED COMPANIES                                        Yes, for the years 2005 and
                                                                                             Yes                        Yes
1. Will your MS use the option to permit IAS in                     2006
the annual accounts for listed companies?
2. Will your MS use the option to require IAS in                                                                       No,
the annual accounts for listed companies?                                                                  Under consideration for listed
                                                              Yes, from 2007                  No
                                                                                                           companies that do not prepare
                                                                                                              consolidated accounts
Article 5(b) of the IAS Regulation
OTHER COMPANIES
                                                       Yes, for medium sized and big
1. Will your MS use the option to permit IAS in                                          Yes, all types            Yes, all types
                                                                 companies
the consolidated accounts for other companies?
If yes, what type of companies?
2. Will your MS use the option to require IAS in
the consolidated accounts for other companies?                      No                        No                        No
If yes, what type of companies?
3. Will your MS use the option to permit IAS in
                                                       Yes, for medium sized and big
the annual accounts for other companies?                                                 Yes, all types            Yes, all types
                                                           companies from 2005
If yes, what type of companies?
4. Will your MS use the option to require IAS in       No. If the consolidated groups
the annual accounts for other companies?                 are permitted to use IAS in
If yes, what type of companies?                               their consolidated
                                                       accounts(according to question         No                        No
                                                       1 in 5(b)), the annual accounts
                                                       of each subsidiary are required
                                                            to use IAS from 2007
Article 9 of the IAS Regulation
(a) Will your MS use the option to defer the
application of IAS until 2007 for companies                         Yes                       No                        Yes
whose debt securities only are admitted on a
regulated market of any MS?
(b) Will your MS use the option to defer the
application of IAS until 2007 for companies
whose securities are admitted to public trading in a
non-member State and which, for that purpose,                       Yes                       No                        Yes
have been using internationally accepted standards
since a financial year that started prior to the
publication of the IAS Regulation in the OJ?
Miscellaneous
Is earlier adoption (before 2005) of IAS allowed?                                         31.12.2002
                                                                    No                                                  No
If yes, for what type of companies/ from when?                                           Yes, all types

								
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