The European Commission Requires an Evaluation of use of International Financial Reporting Standards (IFRSs) in EU with Benefits and Drawbacks.

International financial reporting standards (IFRSs) have a great impact in the EU in the overall business. In order to assess its impacts it is thus significant to analyze the functionality of international financial reporting standards (IFRSs) which has taken place over the last 8 years. The major sector dealing with its impacts is the private sector and such analysis will help users of financial statesman to look into the details of the deal.

International financial reporting standards (IFRSs) have been required to maintain the transparency of financial statesman of European companies so that there must be a boost in the market and all companies flourish. Moreover, there must also be a detailed margin of comparability of the European companies regarding the financial aspects. The study being conducted is aimed at analyzing the both effects after the implementation of international financial reporting standards (IFRSs). The study will do required assessment ensuring that European parliament and council ('IAS Regulation') were able to maintain the main set of objectives in order to analyze the functioning of the market post-implementation of International financial reporting standards (IFRSs).

IAS Regulation has introduced many regulations which have affected the performance for quite some time now. With the study being conducted by European commission the benefits and drawbacks will also be analyzed. Apart from the pros and cons of the implementation of International financial reporting standards (IFRSs) in EU, the cost-benefit analysis will also take place. IAS Regulation given different stakeholders groups the opportunity to expand with techniques from IFRSs will now do the assessment in this regard.

IAS regulation will be evaluated in order to assess the pros and cons as a result of the implementation of International financial reporting standards (IFRSs) into the European market. While conducting the evaluation process, Directorate General Internal Market and Services’ shall be used to carry out the process. This would gather the required results to analyze whether expected benefits have been accomplished or not in the European market. Moreover, areas where the improvement is needed will be mentioned so that International financial reporting standards (IFRSs) bring out the productive results in the future.