The European Commission established in its Regulation n°1606/2002 of July 2002 that European companies whose securities are traded on a regulated market will have to use International Financial Reporting Standards (IAS/IFRS) to prepare their 2005 consolidated financial statements. Anticipating this unique challenge and to provide solutions that will help to understand this transition, CESR publishes today proposals for consultation which set out how companies can effectively manage the communication of the impact of the transition to international accounting standards in 2005. This transition poses a significant challenge for approximately 7000 EU listed companies and will significantly change the presentation of their financial position. The transition must be carefully monitored to ensure that every company will continue to meet its reporting requirements. Equally, investors must be able to understand the effect of the new reporting standards and to assess the financial position of listed companies reporting on this new basis. CESR welcomes comments and contributions from all interested parties on this Draft Recommendation. The deadline for submitting responses to the consultation paper is 20 November 2003. Responses should be addressed to Mr Fabrice Demarigny, Secretary General, CESR, by email at secretariat@europefesco.org. CESR will hold an open hearing on 12 November 2003 at the CESR premises in Paris. Please use this email address to register for the hearing.
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