Some Member States (notably France & Belgium)prohibit companies from preparing individual accounts compliant with IAS / IFRS.Why is this so?

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In France and Belgium, there is a strong correlation between accounting profit and taxable profit. This means that the profit reported in the company's financial statements directly affects the amount of taxes the company must pay. Because IFRS allows for more flexibility and judgement in preparing financial statements, it is possible for companies to manipulate their financial statements in order to reduce their tax liability. Therefore, these countries prohibit companies from using IFRS to prepare their financial statements in order to ensure that the financial statements accurately reflect the company's taxable income.

Some Member States (Notably France & Belgium)prohibit Companies from Preparing