EU Budgets & IFRS 2020



EU budgets at present do not comply with IFRS , they lack items that are vital to the comprehensive reporting of the current data , most notably German items (German SWA) & UK Items (South Africa & Afrikaner payments outstanding). In light of Brexit & ISIS the reporting standard of the EU accounts leaves much to be desired.

Compliance of IFRS , application of “fair presentation” will overide essentially a transactional approach , which will lead to greater clarity in understanding the EU accounts.

Germany’s failure to recognise German South West Africa , and UK’s debt incurred is material to the EU accounts and must be addressed shortly, otherwise crime , instability , low growth and the prospect of war will result, with the corona virus now taking its toll on the EU.

 

Vanis  B.Com(SA)

 

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