The European Commission last week hired the Institute of Chartered Accountants in England and Wales (ICAEW) and Paris-based Mazars Group to review the use of international accounting standards in the European Union.
The two groups jointly will assess the impact of the International Financial Reporting Standards (IFRS), now in its eighth year of use in the EU. The global standards were issued by the International Accounting Standards Board, and have come under fire from members of parliament and others who argue the set of standards can skew financial reports and lead to misleading statements. The dispute led to a brief threat against IASB’s budget last year.
