The Role and Current Status of IFRS in the Completion of National GAAP - Evidence from France

In France, the European Accounting directive has been implemented via a decree and a ministerial order, issued without any public consultation and which led to an amendment of the Commercial Code and three regulations released by the ANC, the French standard-setter. Our analysis of those texts reveals that none of them refer to IFRS. We did not find evidence of any reference to IFRS from the AMF, the French market regulator, in its decisions on the right application of French GAAP by listed companies. Hence, IFRS seem to have played a minor role in the recent modification of French regulations resulting from the implementation of the European accounting directive