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CESR hosts discussion on the topic of the worldwide enforcement of IFRS

Tuesday, 8th December, 2009: Accounting enforcers from 33 countries, representatives of the International Accounting Standards Board (IASB) and auditors met in Paris at the invitation of the Commission of European Securities Regulators (CESR) on 3 and 4 December 2009 to discuss the enforcement of International Financial Reporting Standards (IFRS) and enforcement decisions taken around the world. This was the first such meeting to take place.


Accounting enforcement authorities from the European Economic Area (EEA), including Ireland represented by IAASA, participated in the event, as did representatives from 10 non-EEA countries’ accounting enforcers (Brazil, China, Egypt, India, Japan, Mexico, South Africa, Turkey, Switzerland and the USA).


Following the adoption of IFRS as mandatory for EU listed companies, CESR established a forum in which EEA accounting enforcement authorities can meet and discuss IFRS related issues on a regular basis – the European Enforcer Co-ordination Sessions (EECS). Whilst EECS meetings are conducted on a confidential basis, CESR has received many approaches from non-EEA countries, some of whom are in the process of accepting or adopting IFRS, interested in sharing experiences with their European counterparts. In response to such approaches, CESR organised this event, which examined, amongst other matters, the challenges supervisors face in enforcing IFRS globally.