Press Release: Accounting standards: Commission adopts consolidated text of IFRS applicable in the EU

The European Commission adopted on 3 November, 2008, the consolidated text of all International Financial Reporting Standards (IFRS) in force in the European Union (EU). The consolidated version puts together all IFRS endorsed to date, including the latest amendments endorsed on 15.10.2008. It will enable stakeholders to refer to one single legal document. This is an important element of the Commission simplification programme aimed at reducing the administrative burden on EU businesses.