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In line with the European Commission's (EC) Regulation No. 1606 of 2002, listed companies in Belgium are required to use International Financial Reporting Standards (IFRSs) as endorsed by the European Union for preparation of consolidated accounts. As far as the options available for member states to permit or require international standards in other types of accounts for different types of companies are concerned, the 2008 EC report on the implementation of Regulation No. 1606 of 2002 asserts that Belgium requires IFRSs in the annual accounts of listed real estate investment companies and will consider permitting IFRSs in the annual accounts for other companies (listed and unlisted), once the tax and legal aspects of this decision are evaluated. Further, the use of IFRSs is permitted in the consolidated accounts of all other companies and is required in the consolidated accounts of credit institutions and investment firms. Companies that are not required to use IFRSs or choose not to use them follow the Belgian Generally Accepted Accounting Principles, which, according to a number of publications on the subject, differ from their international equivalents. However, as noted in the 2007 European Committee of Central Balance Sheet Data Offices, in December 2003 the Accounting Standards Committee (ASC) published the "Policy plan concerning the application of the IFRS Regulation and the convergence of the Belgian accounting law towards IFRS" with the objective of "adjusting" the Belgian accounting framework to IFRSs. As of June 2008, there is insufficient information publicly available as to the progress made in eliminating differences between the Belgian and international requirements.

On May 17, 2006, Directive 2006/43/EC of the European Parliament and Council came into force, requiring all statutory audits to be carried out on the basis of International Standards on Auditing (ISAs) as adopted by the European Commission. EU member states shall adopt and publish the provisions necessary to comply with this Directive before June 29, 2008. Member States may impose additional requirements relating to the statutory audits of annual and consolidated accounts for periods expiring on June 29, 2010. Being a member of the European Union, Belgium has to transpose the Directive into national legislation and will therefore adopt ISAs in the required timeframe. According to the self-assessment prepared by the Institute of Public Accountants and Tax Consultants in Belgium (IEC), the Company Code of 2001 requires auditors to use the Belgian Generally Accepted Auditing Standards (GAAS) for statutory audits. Listed companies can be audited either in accordance with the Belgian GAAS or following ISAs. Per the 2007 IEC self-assessment, the IEC together with the Institute of Registered Auditors established a commission with the aim to converge the national auditing standards with ISAs.