India Need to understand what is Regulation (EC) No 1606/2002.

[Karthik Vidupankal]

Hello Experts,

I am very new to these accounting regulations, can you please help me understand and find the document 'Regulation (EC) No 1606/2002', I came to know that this regulation describes the way we can recognize assets and liabilities.

Regards,
Karthik

 

[Steve-LevelUp]

http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2002:243:0001:0004:en:PDF

 

[Fidget]

It's basically the European Union's decision to adopt IFRS. Understandable, since at the time, it had 15 member states, each with its own version of GAAP, so consolidation to produce set of EU accounts must've been a nightmare. Mind you, even now, I don't think its produced a set of accounts that haven't been qualified by audit.

The interesting thing to note is that it (EU) reserves the right to decide which standards to adopt, and adapt, to suit it.

All in all, just another piece of stealth adding to the infrastructure in its quest to form a United States of Europe.