ASCG opposes EU carve-ins in adopted IFRSs

On 8 March 2018, the ASCG submitted its comments to the European Commission on the roadmap for the upcoming Fitness Check on public reporting by companies. Please click here for the German and English version of the ASCG’s feedback.

Background: At the beginning of February 2018 the European Commission had announced to carry out a Fitness Check on public reporting by companies, starting in the first quarter of 2018 with a consultation. The evaluation roadmap published prior to this consultation contains information on the timing and content of this evaluation. Among other things, it can be inferred from the explanations in the roadmap that one aspect of the evaluation will be the current EU endorsement process for IFRSs.

In its feedback, the ASCG inter alia clearly rejects the idea of giving the European Commission the right to modify IFRSs as issued by the IASB in the course of EU endorsement.