Press Release: Financial reporting: Commission proposes to update accounting rules for the 21st century

The European Commission presented on 3 June 2002 a proposal for a Directive amending the existing European Union Accounting Directives. The proposal brings existing EU rules into line with current best practice. It complements the International Accounting Standards (IAS) Regulation, due for final adoption by the Council in the next few days, that requires all EU companies listed on a regulated market to use IAS from 2005 onwards and allows Member States to extend this requirement to all companies.