The proposed new model of fair value accounting should assuage French fears over IAS 39 and lead to more harmonised standards throughout Europe
When the French accounting profession became a founding member of the International Accounting Standards Committee (IASC) in 1973 it could never have realised what an impasse this would one day lead to.
The main point of contention is international accounting standard 39 (IAS 39) and its demand for derivatives to be fair-valued through profit and loss. This apparently innocent demand, part of the 2005 package of international financial reporting standards, has caused an outcry in French political and banking circles.
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