EU warned off piecing together own interpretation

European regulators must not undermine the willingness of companies and auditors to exercise professional judgement by rushing to issue interpretations of International Financial Reporting Standards (IFRS). So says the Institute in its published response to a discussion paper from the European Financial Reporting Advisory Group (EFRAG) on achieving consistent application of IFRS in the EU.

ICAEW: Achieving consistent application of IFRS in the EU. Memorandum of comment submitted in October 2005 to EFRAG concerning the discussion paper on 'Achieving Consistent Application of IFRS in the EU', October 2005 http://www.icaew.co.uk/viewer/index.cfm?AUB=TB2I_87188

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