nical Activities, or a member of the IASB’s senior technical staff. (In fact, the Direc-
tor of Technical Activities was appointed the chair of IFRIC.)
The IFRIC’s responsibilities are to:
- Interpret the application of IFRSs and provide timely guidance on financial re-
porting issues not specifically addressed in IFRSs or IASs, in the context of the
IASB’s Framework, and undertake other tasks at the request of the Board; - Publish Draft Interpretations for public comment and consider comments made
within a reasonable period before finalizing an Interpretation - Report to the board and obtain board approval for final Interpretations.
By allowing the IFRIC to develop Interpretations on financial reporting issues not
specifically addressed in an IFRS or IAS, the new IASB constitution has broadened
IFRIC’s mandate beyond that of the former SIC.
16.8 WHO USES INTERNATIONAL ACCOUNTING STANDARDS? Exhibit 16.5
identifies some representative companies from among the thousands that prepare
their financial statements using IASs as of 2002.
(a) Europe. In June 2000, the European Commission adopted a “Financial Report-
ing Strategy” for the 15 European Union (EU) member states and the three additional
European Economic Area countries that would require “all listed EU companies to
prepare their consolidated accounts in accordance with one single set of accounting
standards, namely International Accounting Standards (IAS).” Listed companies in
16.8 WHO USES INTERNATIONAL ACCOUNTING STANDARDS? 16 • 13AdidasSolomon European Investment Bank Nordic Investment Bank
Air Malta Eutelsat Novartis
Alianz Gazprom Petroleos de Venezuela
Amadeus Global Great Nordic Puma
AngloGold Ltd. Gucci Roche
Ashanti Goldfields Gulf Bank Rostelecom
Austrian Airlines Henkel RWE
Bank of Cyprus Holderbank Scandinavian Air System
Banka Slovenjie Hong Kong Land Schindler
Barbados Shipping IOSCO Shanghai Petrochem
Bayer Jardine Matheson Statoil (Norway)
Brierley Investments Lufthansa StoraEnso
China Petrochemical Mandarin Oriental Swatch
Commerzbank Matav Hungary Telecom Swiss Air
Consolidated Water Mexican Maritime Transport UBS
Czech Telecom Movenpick United Saudi Bank
Dairy Farm Munich Re Volkswagen
Danisco National Bank of Kuwait Wella AG
Dresdner Bank Nestlé World Bank
Emirates Bank Nokia Zurich Financial Services
Exhibit 16.5. Some Companies that Prepare IAS Financial Statements (2002).