Robert Bruce, a financial journalist, reports on IFRSs in Europe.

In the ten years since the International Accounting Standards Board (IASB) was established we have moved from a multi-GAAP world to one where a handful of financial reporting languages are morphing in to a single language, namely International Financial Reporting Standards (IFRSs). Nowhere has this change been more pronounced than in Europe, the first major block to adopt IFRSs when in 2005 more than 8000 listed companies in 25 countries simultaneously switched to IFRSs. Quite an achievement and one that has faced many challenges, one of which has been the need for the IASB, as an international standard-setter, and the European institutions, constitutionally required to act in Europe’s best interests, to adapt to a new way of working together.