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Internal Market

Accounting standards: Iceland fails to incorporate regulations

3.11.2010

PR(10)60

The EFTA Surveillance Authority has delivered reasoned opinions to Iceland for failure to incorporate three regulations on international accounting standards.[1]

The regulations should all have been incorporated into Icelandic law by 23 October 2009.

Issuing a reasoned opinion is the second stage in infringement proceedings. Letters of formal notice were issued in April 2010. 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
Officer
Internal Market Affairs
Tel. (+32)(0)2 286 18 78



[1] Commission Regulation (EC) Nos 460/2009, 494/2009 and 495/2009.




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