Impact of IFRS on European banks

Ernst & Young has published “The Impact of IFRS on European Banks,” which analyses the 2005 annual financial statements of the 24 largest European banks reporting under IFRS and summarises the primary implications of the transition to IFRS. The analysis shows that adopting IFRS is having a significant impact on the balance sheet. For example, Groupe Banques Populaire recorded a gain of 22%, while Barclays saw a fall of 12% in reported equity value.