The ANC has concluded that there is no demand for the IFRS for SMEs in France where French GAAP is considered fit for purpose. However, no entity is allowed to apply IFRS for the preparation of their individual financial statements and instead must use French accounting standards (French GAAP). In addition, all other companies are permitted to apply IFRS for their consolidated financial statements. In accordance with the EU statutory framework, Regulation EC 1606/2002, as transposed into national legislation by the ANC, listed entities are required to apply EU-endorsed IFRS Standards for consolidated financial statements. 2010-56, which is the legal body responsible for accounting standard-setting. French accounting standards are developed and adopted by the Accounting Standards Authority (ANC), created by the Ordinance No. The Commercial Code of 1966 (as amended) sets basic accounting functions in all business entities and requires companies to maintain accounting books and prepare annual financial statements. As a member of the European Union (EU), France is subject to the accounting, auditing and financial reporting requirements established in EU Regulations and Directives as transposed into national laws and regulations.
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