The European Commission has appointed the French accounting firm Mazars and the Institute of Chartered Accountants in England and Wales to team up on a report assessing the effects of using International Financial Reporting Standards in the European Union.

The project will run until the autumn of 2014. "The task of Mazars and ICAEW is to take stock after eight years of IFRS reporting in the EU and assess the impact of the switch to IFRS on the comparability and transparency of the financial reports of European companies,” said ICAEW executive director Robert Hodgkinson in a statement. “Our work is intended to help the European Commission determine whether or not the implementation of the 2002 IAS Regulation has delivered the expected benefits. ICAEW looks forward to working closely with Mazars and the European Commission on this important project in the coming months."

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