Consistent Application of IFRS - EFRAG Discussion Paper

When Europe decided to require listed entities to prepare their consolidated financial statements in accordance with EU-adopted IFRS, the objective was to ensure that Europe's biggest private sector entities prepare high-quality financial reports and, in doing so, that a high degree of consistency of accounting practice is achieved. For that reason, it is essential that IFRS are applied consistently within the EU if Europe's move to IFRS is to be viewed as a success. In July 2005, a discussion paper was issued by the EFRAG Supervisory Board to stimulate the debate in this area.