If the second point is true, is there any way to convert my FAA IR to an EASA IR(R) but not restricted to UK only airspace?
While everyone seems to rush to condemn the EIR, I'm surprised that nobody has mentioned to englishal the other part of the FCL.008 group's work, which was captured in the CRD as:
8. Applicants for the competency-based modular IR(A) holding a Part-FCL PPL or CPL and a valid IR(A) issued in compliance with [ICAO] requirements may be credited in full towards the training course [for the IR]. In order to be issued the IR(A), the applicant shall:
(a) successfully complete the skill test for the IR(A) ...;
(b) demonstrate to the examiner during the skill test that he/she has acquired an adequate level of theoretical knowledge of air law, meteorology and flight planning and performance (IR);
(c) [have English Language Proficiency];
(d) have a minimum experience of at least 50 hours of instrument flight time as PIC on aeroplanes.
(d) is likely to be changed to "50 hours of flight time under IFR" when the Opinion is published.
Whether that part of the amendments to Part-FCL becomes law before April 2014 may be too close to call, but either way, as long as you have a valid FAA IR, you should eventually be able to get yourself a Part-FCL IR (no 'E', no 'R') with minimum hassle -- effectively just a check ride.