The long-running standoff over IAS39 between the European Commission and the International Accounting Standards Board has been resolved
The EC’s Accounting Regulatory Committee on Friday unanimously voted to recommend the endorsement of an amended version of the standard relating to the controversial fair value option.
The option was one of two areas that was ‘carved out’ of the original standard following opposition from financial institutions across Europe. The other, relating to provisions on hedge accounting, remains unresolved.
The commission intends to rush through the endorsement process and, as long as the European parliament raises no objections, the standard should be endorsed by the end of September. It will be effective in retrospect from 1 January 2005, enabling companies to use the revised standard in their 2005 accounts.
See full Article.
Posts
