On Nov. 26, DEN GVT issued order on global accounting standards.
DEN GVT issued order on application of international accounting standards for companies covered by financial business act and insurance business act (IFRS order).
Scope
Executive order applies to companies covered by Financial business act and companies covered by Insurance business act that prepare annual reports according to international accounting standards adopted by the Commission.
Applies to annual and interim reports: if the company only uses the standards mentioned in subsection 1 on the consolidated accounts and not on the company accounts, the executive order only applies to the consolidated accounts.
Effectiveness
Order enters into force Dec. 31, 2024; applies for the first time to annual reports and interim reports relating to financial years beginning on Jan. 1, 2024.
