European Commission Roundtable on IFRS

The European Commission (EC) has issued a Summary Meeting Report of the January 2007 meeting of the EC Roundtable for the Consistent Application of IFRS. The Roundtable, formed in 2006, will identify cases where the accounting treatment in Europe under IFRS is so divergent, significant and widespread as to warrant “common concern” among the different groups of participants including preparers, auditors, national standard-setters and regulators (view the flowchart). When such cases are identified, the Roundtable will refer them to IFRIC, although circumstances may arise where the matter could be referred directly to the IASB. For more information, visit the European Commission website.