Implementation of the IAS Regulation (1606/2002) in the EU and EEA (published for information purposes only) Date 25/02/08 1

European Commission Austria Belgium Bulgaria Cyprus Czech Rep. Denmark Estonia
Status of the implementation of IAS Final law Final law Final law Final law Final law Final law Final law
Article 5(a) of the IAS Regulation
Fin. entities: Yes Other
LISTED COMPANIES To be examined with tax
No No No No entities: Until 2009: Yes No
1. Will your MS use the option to permit IAS in and legal aspects
After 2009: No
the annual accounts for listed companies?
2. Will your MS use the option to require IAS in Yes for real estate
the annual accounts for listed companies? investment companies Fin. entities: No Other
No (SICAFI/BEVAK). For Yes Yes Yes entities: Until 2009: No Yes
others, to be examined After 2009: Yes
with tax and legal aspects
Article 5(b) of the IAS Regulation
OTHER COMPANIES
Yes Yes All types
1. Will your MS use the option to permit IAS in Yes, all companies Yes, all companies Yes, for SMEs1 No Yes, all types
All types of companies other than below
the consolidated accounts for other companies?
If yes, what type of companies?
2. Will your MS use the option to require IAS in Yes. Credit institutions,
the consolidated accounts for other companies? insurance undertakings,
Yes, for all other type of
If yes, what type of companies? Yes, for credit financial holding
companies, except SMEs
No institutions, and Yes, all companies No No companies, mixed
and entities in liquidation
investment firms financial holding
and insolvency
companies, investment
firms
3. Will your MS use the option to permit IAS in
To be examined with tax Yes, all types
the annual accounts for other companies? No Yes, for SMEs No No Yes, all types
and legal aspects other than below
If yes, what type of companies?
4. Will your MS use the option to require IAS in Yes. Credit institutions,
the annual accounts for other companies? insurance undertakings,
Yes, for all other type of
If yes, what type of companies? financial holding
To be examined with tax companies, except SMEs
No Yes, all companies No No companies, mixed
and legal aspects and entities in liquidation
financial holding
and insolvency
companies, investment
firms
Article 9 of the IAS Regulation
(a) Will your MS use the option to defer the
Fin. entities: No Other
application of IAS until 2007 for companies Yes Yes No No No No
entities: Yes
whose debt securities only are admitted on a
regulated market of any MS?
(b) Will your MS use the option to defer the
application of IAS until 2007 for companies
whose securities are admitted to public trading in a
non-member State and which, for that purpose, Yes Yes No No No No No
have been using internationally accepted standards
since a financial year that started prior to the
publication of the IAS Regulation in the OJ?
Miscellaneous a) Yes, has been
Is earlier adoption (before 2005) of IAS allowed? mandatory for listed
If yes, for what type of companies/ from when? companies, banks,
Yes for 2004. The annual
insurance and investment
Yes, cons. accounts since Yes, cons. accounts for Yes Yes all types of and cons. accounts for all Yes All types
undertakings, since
1998 all companies all types since 2003 companies costs except for financial 01.01.2003
1.01.2003
costs
b) Other companies, has
been voluntary since
01.01.2003

1
Bulgarian SMEs must use the same accounting framework (IAS or national GAAP) for both annual and consolidated accounts
 Implementation of the IAS Regulation (1606/2002) in the EU and EEA (published for information purposes only) Date 25/02/08 2
European Commission Finland France Germany Greece Hungary Ireland Italy
Status of the implementation of IAS Final law Final law Final law Final law Final law Final law Final law
Article 5(a) of the IAS Regulation
LISTED COMPANIES No, but additionally to No, but additionally to No, even for
Yes2 No No Yes
1. Will your MS use the option to permit IAS in still required local GAAP still required local GAAP insurance companies
the annual accounts for listed companies?
2. Will your MS use the option to require IAS in Yes3, except for
No No No Yes No No
the annual accounts for listed companies? insurance companies
Article 5(b) of the IAS Regulation
Yes, all types of
OTHER COMPANIES Yes, except for small
companies within the
1. Will your MS use the option to permit IAS in Yes4, all types Yes Yes, all types Yes, some companies4 Yes, all types enterprises and required
scope of Act of
the consolidated accounts for other companies? companies
Accounting
If yes, what type of companies?
2. Will your MS use the option to require IAS in
the consolidated accounts for other companies?
If yes, what type of companies? Yes, companies, which Yes, for some
No No No No No
have filed for a listing companies5

3. Will your MS use the option to permit IAS in Yes, except for
the annual accounts for other companies? No, but additionally to No, but additionally to Yes, all bar companies insurance, small
Yes2,4 No Yes, some companies4
If yes, what type of companies? still required local GAAP still required local GAAP not trading for gain enterprises and required
companies
4. Will your MS use the option to require IAS in
the annual accounts for other companies?
If yes, what type of companies?
No No No No No No Yes, some companies6

Article 9 of the IAS Regulation

(a) Will your MS use the option to defer the
application of IAS until 2007 for companies Yes Yes Yes No Yes Yes No
whose debt securities only are admitted on a
regulated market of any MS?
(b) Will your MS use the option to defer the
application of IAS until 2007 for companies
whose securities are admitted to public trading in a
non-member State and which, for that purpose, No N/A Yes No No No No
have been using internationally accepted standards
since a financial year that started prior to the
publication of the IAS Regulation in the OJ?
Miscellaneous
Is earlier adoption (before 2005) of IAS allowed? 1. Listed comps: cons. Yes, cons. acc.
If yes, for what type of companies/ from when? accounts 30.9.2003 option for listed
31.12.2004 No, but additionally to
2. Other comps (not ins. No companies (as from No No
Yes, some companies4 still required local GAAP
comps): all accounts 1998) and for unlisted
2004 comps from 2003

2
Finland: Not insurance companies
3
Italy: Listed insurance enterprises must comply with IASs only if they do not draw up consolidated accounts
4
Finland and Greece: Companies, which are audited by certified auditors
5
Italy: Supervised financial companies; companies with financial instruments widely distributed among the public; insurance companies
6
Italy: Supervised financial companies; companies with financial instruments widely distributed among the public
 Implementation of the IAS Regulation (1606/2002) in the EU and EEA (published for information purposes only) Date 25/02/08 3
European Commission Latvia Lithuania Luxemburg Malta Netherlands Poland Portugal
Status of the implementation of IAS Final law7
Final law Final law Final law Final law Final law Final Law
Law proposal
Article 5(a) of the IAS Regulation
LISTED COMPANIES Yes, except for banks and
No No Yes No Yes Yes
1. Will your MS use the option to permit IAS in financial institutions
the annual accounts for listed companies?
2. Will your MS use the option to require IAS in Yes, but additionally to
the annual accounts for listed companies? still required local
GAAP. Only for banks,
Yes Yes No Yes No No
insurance companies and
other financial
institutions
Article 5(b) of the IAS Regulation Yes, 1) companies
OTHER COMPANIES having filed for
Yes, all types (except for
1. Will your MS use the option to permit IAS in admission to public
banks, insurance
the consolidated accounts for other companies? Yes, all types, except trading; 2) any parent Yes,
commercial companies Yes No Yes, all types
If yes, what type of companies? insurance companies comp. being a subs. of all types
and other supervised
another parent u/t
financial institutions)
preparing its cons. acc.
in line with IAS
2. Will your MS use the option to require IAS in Yes, banks, insurance
Yes, for banks and
the consolidated accounts for other companies? commercial companies Yes, for banks and other
No Yes No Yes, banks financial institutions in
If yes, what type of companies? and other supervised credit institutions
2006
financial institutions
3. Will your MS use the option to permit IAS in Yes, 1) companies
the annual accounts for other companies? having filed for Yes,
If yes, what type of companies? admission to public companies within the
Yes, all types, except Probably yes, probably
No No Yes, all types trading; 2) companies scope of consolidation of
insurance companies all types
whose parent u/t prepares an entity who applies
its cons. acc. in line with IAS/IFRS
IAS
4. Will your MS use the option to require IAS in Yes, banks, insurance
the annual accounts for other companies? commercial companies Yes, for banks and other
No Yes No No No
If yes, what type of companies? and other supervised credit institutions
financial institutions
Article 9 of the IAS Regulation
(a) Will your MS use the option to defer the
application of IAS until 2007 for companies No No Yes No No Yes No
whose debt securities only are admitted on a
regulated market of any MS?
(b) Will your MS use the option to defer the
application of IAS until 2007 for companies
whose securities are admitted to public trading in a
non-member State and which, for that purpose, No No Yes No No No No
have been using internationally accepted standards
since a financial year that started prior to the
publication of the IAS Regulation in the OJ?
Miscellaneous Yes, banks, ins.
Is earlier adoption (before 2005) of IAS allowed? companies, other Yes, for banks and their
Derogations on an Yes all types of Derogations on an
If yes, for what type of companies/ from when? supervised financial controlled fin. inst. since No No
individual basis companies individual basis
institutions had to use 1997
IAS before 2005

7
Luxembourg: final law for banks and insurance companies; law proposal for common law companies
 Implementation of the IAS Regulation (1606/2002) in the EU and EEA (published for information purposes only) Date 25/02/08 4
European Commission Romania Slovakia Slovenia Spain Sweden UK
Status of the implementation of IAS Final law Final law Final Law Final law Final law Final law
Article 5(a) of the IAS Regulation No, but for purposes of information
LISTED COMPANIES only. Annual financial statements
1. Will your MS use the option to permit IAS in that are in line with the Accounting Yes, if not companies of
the annual accounts for listed companies? Yes No No Yes
Regulations conform to the Fourth public interest8
Directive are required in the relation
with the Government authorities.
2. Will your MS use the option to require IAS in Yes, companies of public
No No No No No
the annual accounts for listed companies? interest8
Article 5(b) of the IAS Regulation Yes. According to the Order of
OTHER COMPANIES the minister of economy and
1. Will your MS use the option to permit IAS in finance no. 2374/2007, the
the consolidated accounts for other companies? entities applying the Accounting
If yes, what type of companies? Regulations conform to the Yes, for companies, other
European Directives, excepting than banks and insurance
Yes,
the entities whose securities are companies, if so decided by
No Yes, all types Yes, all types all types of companies except
admitted to trading on a regulated the assembly of the
for the charity sector
market, and which have the company, but for the
obligation to draw up minimum period of 5 years
consolidated financial statements,
may apply in this regard either
IFRS or Accounting Regulations
conform to the Seventh Directive.
2. Will your MS use the option to require IAS in
Yes, for banks and insurance
the consolidated accounts for other companies? Yes, for credit institutions. Yes, any type of companies No No No
companies
If yes, what type of companies?
3. Will your MS use the option to permit IAS in No, but for purposes of
the annual accounts for other companies? information only. Financial Yes, for companies, other
Yes, for those listed
If yes, what type of companies? than banks and insurance
statements that are in line with the companies and merchants Yes,
companies, if so decided by
Accounting Regulations conform with securities except banks, No No all types of companies except
the assembly of the
to the Fourth Directive are which are not those of public for the charity sector
company, but for the
required in the relation with the interest8
minimum period of 5 years
Government authorities.
4. Will your MS use the option to require IAS in
Yes, for all companies of Yes, for banks and insurance
the annual accounts for other companies? No No No No
public interest8 companies
If yes, what type of companies?
Article 9 of the IAS Regulation
(a) Will your MS use the option to defer the
Yes (starting with the financial Yes, except for banking
application of IAS until 2007 for companies No Yes Yes No
statements for 2007 financial year) sector companies
whose debt securities only are admitted on a
regulated market of any MS?
(b) Will your MS use the option to defer the
application of IAS until 2007 for companies
whose securities are admitted to public trading in a
Yes (starting with the financial
non-member State and which, for that purpose, No No No No No
statements for 2007 financial year)
have been using internationally accepted standards
since a financial year that started prior to the
publication of the IAS Regulation in the OJ?
Miscellaneous Yes (starting with the financial
Is earlier adoption (before 2005) of IAS allowed? statements for 2001 financial year),
No No No No No
If yes, for what type of companies/ from when? but for purposes of information
only.

8
Companies of public interest mean the banks, Export- Import Bank of Slovak Republic, insurance companies excepting health insurance companies, stock exchange, Office of Slovak Assurors, Slovak Railroads, reinsurance companies, asset management
companies and the companies, that at least in two consecutive reporting years fulfil at least two from following three preconditions: gross amount of asset over 5 billions of Slovak Crowns (approximately 149.000.000,- EUR), net turnover over 5 billions of Slovak
Crowns and average number of employees over 2000.
 Implementation of the IAS Regulation (1606/2002) in the EU and EEA (published for information purposes only) Date 25/02/08 5

European Commission Iceland Liechtenstein Norway

Status of the implementation of IAS Final law Final law Final law
Article 5(a) of the IAS Regulation
LISTED COMPANIES Yes, for the years 2005 and
Yes Yes
1. Will your MS use the option to permit IAS in 2006
the annual accounts for listed companies?
2. Will your MS use the option to require IAS in No,
the annual accounts for listed companies? Under consideration for listed
Yes, from 2007 No
companies that do not prepare
consolidated accounts
Article 5(b) of the IAS Regulation
OTHER COMPANIES
Yes, for medium sized and big
1. Will your MS use the option to permit IAS in Yes, all types Yes, all types
companies
the consolidated accounts for other companies?
If yes, what type of companies?
2. Will your MS use the option to require IAS in
the consolidated accounts for other companies? No No No
If yes, what type of companies?
3. Will your MS use the option to permit IAS in
Yes, for medium sized and big
the annual accounts for other companies? Yes, all types Yes, all types
companies from 2005
If yes, what type of companies?
4. Will your MS use the option to require IAS in No. If the consolidated groups
the annual accounts for other companies? are permitted to use IAS in
If yes, what type of companies? their consolidated
accounts(according to question No No
1 in 5(b)), the annual accounts
of each subsidiary are required
to use IAS from 2007
Article 9 of the IAS Regulation
(a) Will your MS use the option to defer the
application of IAS until 2007 for companies Yes No Yes
whose debt securities only are admitted on a
regulated market of any MS?
(b) Will your MS use the option to defer the
application of IAS until 2007 for companies
whose securities are admitted to public trading in a
non-member State and which, for that purpose, Yes No Yes
have been using internationally accepted standards
since a financial year that started prior to the
publication of the IAS Regulation in the OJ?
Miscellaneous
Is earlier adoption (before 2005) of IAS allowed? 31.12.2002
No No
If yes, for what type of companies/ from when? Yes, all types