|Extent of IFRS application
|IFRS Accounting Standards are required for domestic public companies
|All domestic companies whose securities trade in a regulated market are required to use IFRS Standards as adopted by the EU in their consolidated financial statements.
|IFRS Accounting Standards are permitted but not required for domestic public companies
|IFRS Accounting Standards are required or permitted for listings by foreign companies
|IFRS Standards as adopted by the EU are required in their consolidated financial statements except that a foreign company whose home jurisdiction's standards are deemed by the EU to be equivalent to IFRS Standards may use its home standards.
|The IFRS for SMEs Accounting Standard is required or permitted
|The IFRS for SMEs Accounting Standard is under consideration
Profile last updated: 18 July 2016
The ANC was created under Ordinance No. 2009-79 enacted on 22 January 2009 and related application Decree No. 2010-56 of 15 January 2010. Funding is provided by the Ministry of Economy, Finance, Industry and Employment, supplemented by contributions from the private sector. The ANC is responsible for:
As a member state of the European Union, France is subject to EU 1606/2002 Regulation on the application of international accounting standards (IAS).
The EU IAS Regulation requires application of IFRS Standards as adopted by the EU for the consolidated financial statements of European companies whose securities trade in a regulated securities market starting in 2005. The EU IAS Regulation gives member states the option to require or permit IFRS Standards as adopted by the EU in separate company financial statements (statutory accounts) and/or in the financial statements of companies whose securities do not trade in a regulated securities market. See the Profile for the European Union for more detailed information about the EU IAS Regulation.
Regulated markets in France are:
France used the option under the IAS Regulation to permit optional application of IFRS Standards as adopted by the EU for the consolidated accounts of companies that do not trade in a regulated market starting in 2005. However, IFRS Standards as adopted by the EU are not authorised for individual/statutory accounts for any French companies. The French Plan Comptable Général applies.
The European Union has 24 official and working languages. They are: Bulgarian, Croatian, Czech, Danish, Dutch, English, Estonian, Finnish, French, German, Greek, Hungarian, Irish, Italian, Latvian, Lithuanian, Maltese, Polish, Portuguese, Romanian, Slovak, Slovene, Spanish and Swedish. Before they are published in the Official Journal of the European Union, and therefore become binding under EU law, individual IFRS Standards must be translated into all of those languages (other than English and Irish). Those translations are published in the Official Journal of the European Union pursuant to a copyright waiver agreement with the IFRS Foundation.
The IFRS Foundation also produces an 'official translation' into French as described below.
The IFRS Foundation works in partnership with the Canadian Institute of Chartered Accountants (CICA) to produce the official French translation of IFRS. The CICA translates and reviews the standards mandatory guidance according to procedures established by the IFRS Foundation. This enables the timely production and publication (in electronic format, not as a printed book) of:
The IFRS Foundation translation group keeps the EC French translation unit and the ANC informed of the progress of the translations and consults with those groups as needed.
The ANC has concluded that there is no demand for the IFRS for SMEs Standard in France where French GAAP is considered fit for purpose.
The IFRS for SMEs Standard has been translated into French.