The standards adopted will contribute to the creation within Europe of robust and consistent enforcement of the internationally recognised set of accounting standards (as published by the International Accounting Standards Board, IASB and endorsed by the European Commission) to be implemented by 2005.
The key principles introduced by Standard no. 2 include:
- Discussion of enforcement decisions and experiences within a formalised structure;
- the principle that all supervisors should take into account existing decisions taken by EU National Enforcers;
- the development of a database as a practical reference tool which sets out decisions taken by EU National Enforcers to provide a record of previous decisions reached in particular cases.