Brussels, 08/11/2007 (Agence Europe) - On Monday 5 November, the European Parliament's Economic and Monetary Affairs Committee endorsed the European Commission's draft Regulation on the adoption of International Financial Reporting Standard 8. The committee pointed out that the draft legislation incorporates US accounting standards into EU law, meaning that EU companies quoted on the stock exchange in the EU will be allowed to publish information 'through the eyes of the management approach'. The MEPs explain that in this connection, the European Commission should be able to produce quantitative impact assessments as soon as possible and ask the Commission to closely monitor application of IFRS 8, publishing a detailed report by 2011 at the latest. The EP's opinion, to be formally adopted by the plenary in Strasbourg next week, is not legally binding for the adoption of IFRS. (M.B.)