The European Union is harmonizing the financial statements of listed companies in order to guarantee the protection of investors. By applying international accounting rules, it sets out to maintain confidence in the financial markets while facilitating cross-border and international securities trading.
International accounting standards (IAS) ACT:
Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards:
IAS 1- Presentation of Financial Statements
IAS 2- Inventories
IAS 3- Consolidated Financial Statements Originally issued 1976, effective 1 Jan 1977. Superseded in 1989 by IAS 27 and IAS 28.
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