The year 2005 marked a new stage in the area of financial reporting with the adoption of International Financial Reporting Standards (IFRS) in European Union countries. At a time when firms quoted on the Stock Market are beginning to present their accounts using IFRS, ESSEC launches its ESSEC KPMG Financial Reporting Chair, in partnership with auditors KPMG. The ESSEC-KPMG Financial Reporting Chair is to be a center of expertise on the application of IFRS standards and new accounting principles. To achieve those ends, the Chair has set itself three objectives:
- Create a place for discussion between standard sellers and business.
- Train students who wish to become auditors. Beyond the acquisition of accounting techniques, the objective is to make students aware of financial information issues and help them better understand the financial reporting environment.
- Create a research center on IFRS standards, to work on preliminary stages of standards and other subsequent applications.