EFSA imposed guidelines for issuers on the transfer to international accounting standards
The EFSA imposed by the Management Board's resolution of April 21 the advisory guidelines entitled "Guidelines for issuers on the transition to international accounting standards pursuant to Regulation (EC) No. 1606/2002 of the European Parliament and of the Council".
The guidelines are to facilitate the transition of accounting principles and presentation methods of financial reporting by the issuers of stocks and other securities traded on the Estonian regulated securities market from Estonian good accounting practices to mandatory international accounting standards (IAS/IRFS) as of January 1, 2005.
The guidelines are designed for issuers who have not previously applied international standards or have applied them simultaneously with accounting principles valid in Estonia. The EFSA advisory guidelines become effective on May 1, 2004.
"The EFSA advisory guidelines provide Estonian issuers assistance during the transition to international accounting standards. According to Regulation No. 1606/2002 of the European Parliament and of the Council, all issuers are obligated to apply international accounting standards in the preparation of consolidated annual reports as of January 1, 2005," commented Kilvar Kessler, member of the EFSA Management Board responsible for legal environment and market supervision.
EFSA advisory guidelines are prepared in accordance with the recommendation of CESR entitled "European Regulation on the Application of IFRS in 2005. Recommendation for Additional Guidance Regarding the Transition to IFRS" (CESR/03-323e) was developed by the head of the FSA market supervision department Kristjan-Erik Suurväli and analyst Katrin Sumberg. All supervised entities were provided with an opportunity to comment on the draft and make their proposals.
According to the Financial Supervision Authority Act, the EFSA issues its advisory guidelines for explaining legal acts regulating the financial market and guiding supervised entities. Advisory guidelines are available on the EFSA's homepage.
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