Preparing for the implementation of International

Preparing for the implementation of International Financial Reporting Standards (IFRS)

The transition to international accounting standards in 2005 poses a significant challenge for approximately 7000 EU listed companies and will significantly change the presentation of their financial position. This transition must be carefully monitored to ensure that every company will continue to meet its reporting requirements. Equally, investors must be enabled to understand the effect of the new reporting standards and to assess the financial position of listed companies reporting on this new basis. Anticipating this unique challenge and to provide solutions that will help to understand this transition, CESR puts forward today proposals for consultation which set out how companies can effectively manage the communication of the impact of these changes.