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Internal Market

PR(10)24: Accounting standards: Iceland fails to incorporate regulation


The EFTA Surveillance Authority has delivered a reasoned opinion to Iceland for failure to incorporate a regulation on international accounting standards.[1]

The Regulation should have been incorporated into Icelandic law within 30 May 2009.

Issuing a reasoned opinion is the second stage in infringement proceedings. A letter of formal notice was issued in December last year. The EFTA Surveillance Authority can bring the matter before the EFTA Court if Iceland fails to comply with the reasoned opinion within two months.

International accounting standards are important for the EU and EEA financial markets. The standards are adopted and used in the EEA with a view to harmonising the financial information presented by publicly traded companies. The aim of such harmonisation is to ensure a high degree of transparency and comparability of financial statements and hence an efficient functioning of the EEA capital market and of the Internal Market.


For further information, please contact:

Mr Eirik Ihlen
Internal Market Affairs
Tel. (+32)(0)2 286 18 78


Brussels, 21 April 2010


[1] Commission Regulation (EC) No 1126/2008, as amended per 29 May 2009. The Regulation was at that time amended by Commission Regulations (EC) Nos. 1260/2008, 1261/2008, 1262/2008, 1263/2008, 1274/2008, 53/2009, 69/2009 and 70/2009. The Regulation has later been amended several times.

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