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This Profile has been prepared by the IFRS Foundation based on information from various sources. The starting point was the
answers provided by standard-setting and other relevant bodies in response to a survey that the Foundation conducted on the
application of IFRS around the world between August and December 2012. The Foundation drafted the profile and invited the
respondents to the survey and others (including regulators and international audit firms) to review the drafts, and their
comments are reflected.
The purpose of the IFRS Foundations Jurisdictional Profiles is to illustrate the extent of implementation of IFRS Standards
across the globe only. The Profiles do not reflect the intellectual property licensing status of IFRS Standards within any given
jurisdiction. The IFRS Standards are protected by copyright and are subject to different licensing arrangements according to
jurisdiction. For further information, please contact Licences@ifrs.org.
23 March 2015
index_en.htm
EU and EEA members may enact additional accounting laws and
regulations that add to the requirements of the Directives, but they
cannot override the requirements of the Directives.
This Profile explains the IFRS requirements established by the European
Union that apply to all EU and EEA member states. The individual profiles of
the EU and EEA member states explain the additional IFRS requirements
that have been established in the individual member states.
Website
www.efrag.org
Email contact
robert.stojek@efrag.org
Yes.
Yes.
The EU has already adopted IFRS for the consolidated financial statements
all companies whose securities trade in a regulated market. The Appendix
to this Profile lists all of the securities markets in Europe that are regulated
markets.
Not applicable.
2.
3.
4.
Required for some companies and permitted for others, as described above.
Yes, in some EU/EEA member states (see the discussion of Member State
Options above).
Permitted in some EU/EEA member states, not permitted in others (see the
discussion of Member State Options above).
Permitted in some EU/EEA member states, not permitted in others (see the
discussion of Member State Options above).
Not applicable.
For FOREIGN companies whose debt or equity securities trade in a public market in the jurisdiction:
Are all or some foreign companies whose
securities trade in a public market either
REQUIRED or PERMITTED to use IFRS in their
consolidated financial statements?
Yes.
Required for some and permitted for others. Foreign companies whose
securities are publicly traded in the EU are required to report under IFRS as
adopted by the EU for their consolidated financial statements unless the
European Commission has deemed their accounting standards to be
equivalent to IFRS, in which case they may use their local standards.
Equivalence of that third countrys GAAP with IFRS is determined under the
criteria of Regulation (EC) 1569/2007. Currently, third country issuers are
permitted to apply the following GAAPs: Japanese GAAP; US GAAP, Chinese
GAAP, Korean GAAP, Canadian GAAP and, until at least 31 December 2014,
Indian GAAP. Third country issuers are also permitted to apply IFRS as
issued by the IASB. More information:
http://ec.europa.eu/internal_market/accounting/legal_framework/equivale
nce_mechanism_en.htm
All.
IFRS ENDORSEMENT
Which IFRS are required or permitted for
domestic companies?
IFRS as adopted by the European Union, which are IFRS as issued by the IASB
with some limited modifications such as the temporary 'carve-out' from IAS
39. However, the resulting financial statements of the majority of
companies can still be in full compliance with IFRS.
Yes.
Not applicable.
Yes.
Not applicable.
Yes.
http://ec.europa.eu/internal_market/accounting/ias/carveout/index_en.htm
http://ec.europa.eu/internal_market/accounting/ias/ias_39_car
ve-out_en.htm.
None.
TRANSLATION OF IFRS
Are IFRS translated into the local language?
Yes.
The European Union has 24 official and working languages. They are:
Bulgarian, Croatian, Czech, Danish, Dutch, English, Estonian, Finnish, French,
German, Greek, Hungarian, Irish, Italian, Latvian, Lithuanian, Maltese, Polish,
Portuguese, Romanian, Slovak, Slovene, Spanish and Swedish. Before they
are published in the Official Journal of the European Union, and therefore
become binding under EU law, individual IFRS must be translated into those
languages (other than English and Irish).
No.
No.
Not applicable.
Not applicable.
Not applicable.
Not applicable.
The IFRS for SMEs was assessed to be incompatible with the EU Accounting
Directive. As a result, the IFRS for SME was not endorsed in EU. For more
details please refer to EFRAG's Compatibility Analysis IFRS for SMEs and the
Council Directives.
Appendix
List of Regulated Markets in the European Union, sorted by Country (as of 5 June 2013)
Source: European Securities and Markets Authority Database of Regulated Markets
http://mifiddatabase.esma.europa.eu/Index.aspx?sectionlinks_id=23&language=0&pageName=REGULATED_MARKETS_Display
&subsection_id=0
FMA
AT
FMA
EURONEXT BRUSSELS
BE
FSMA
BE
FSMA
BG
FSC
CY
CySEC
CZ
CZ
9
10
RM-SYSTEM
BADEN-WUERTTEMBERGISCHE WERTPAPIERBOERSE (REGULIERTER MARKT)
CZ
DE
11
DE
BaFin
12
DE
BaFin
13
DE
BaFin
14
DE
BaFin
15
DE
BaFin
16
DE
BaFin
17
DE
BaFin
18
DE
BaFin
19
EUREX DEUTSCHLAND
DE
BaFin
20
DE
BaFin
21
DE
BaFin
22
23
DE
DE
BaFin
BaFin
24
DE
BaFin
25
DE
BaFin
26
DK
Finanstilsynet
27
DK
Finanstilsynet
28
EE
Finantsinspektsioon
29
ES
CNMV
30
BOLSA DE BARCELONA
ES
CNMV
31
BOLSA DE BILBAO
ES
CNMV
32
BOLSA DE MADRID
ES
CNMV
33
BOLSA DE VALENCIA
ES
CNMV
34
ES
CNMV
35
MEFF EXCHANGE
ES
CNMV
36
ES
CNMV
37
ES
CNMV
38
ES
CNMV
39
ES
CNMV
40
ES
CNMV
41
FI
Fiva
42
EURONEXT PARIS
FR
AMF
43
MATIF
FR
AMF
44
MONEP
FR
AMF
45
POWERNEXT DERIVATIVES
FR
AMF
46
GB
FCA
47
GB
FCA
48
GB
FCA
49
EURONEXT LONDON
GB
FCA
50
GB
FCA
51
GB
FCA
52
GB
FCA
53
GB
FCA
54
GB
FCA
55
GB
FCA
56
GB
FCA
57
GB
FCA
58
GB
FCA
59
GR
HCMC
60
GR
HCMC
61
GR
HCMC
62
HR
HANFA
63
HU
MNB
64
IE
65
IS
FME
66
IT
CONSOB
67
IT
CONSOB
68
IT
CONSOB
69
IT
CONSOB
70
IT
CONSOB
71
IT
CONSOB
72
IT
CONSOB
73
IT
CONSOB
74
IT
CONSOB
75
LT
LB
76
BOURSE DE LUXEMBOURG
LU
CSSF
77
LV
FCMC
78
MT
MFSA
79
MT
MFSA
80
NL
NL AFM
81
NL
NL AFM
82
NL
NL AFM
83
NO
Finanstilsynet Norway
84
NO
Finanstilsynet Norway
85
NOREXECO ASA
NO
Finanstilsynet Norway
86
OSLO AXESS
NO
Finanstilsynet Norway
87
NO
Finanstilsynet Norway
88
89
PL
PL
Polish FSA
Polish FSA
90
PL
Polish FSA
91
PL
Polish FSA
92
PL
Polish FSA
93
PL
Polish FSA
94
EURONEXT LISBON
PT
CMVM
95
PT
CMVM
96
PT
CMVM
97
RO
CNVM
98
RO
CNVM
99
RO
CNVM
100
RO
CNVM
101
SE
Finansinspektionen
102
SE
Finansinspektionen
103
SI
SMA
104
SK
NBS
10