Controversy over IAS39 heightened this week after it emerged that European Union officials were in sympathy with states like France that believe the standard is driven by the UK and US and fails to address basic European concerns.
Link: IAS in ten minutes
A European Commission spokesman in Brussels said that, considering the Americans had not given a date for when they themselves might recognise IAS, ‘this was a bit rich’. ‘It’s a throwback to the time when the IASB was basically a club of the Anglo-Saxon accounting firms,’ the spokesman added.
Arguments over IAS39 have been raging for months and peaked two weeks ago when France, Belgium, Italy and Spain voted against the standard.
They had until yesterday to submit their views in writing to the European Commission. If just two of the states remain opposed it could be enough to derail the standard completely before the 2005 implementation deadline.
The European Bankers Federation (FBE) has proposed an ‘interest rate margin hedge’ and the IASB this month agreed to set up a special working group to consider the initiative, though it may not finish its work until next year, presenting a further threat to implementation.
As a result the FBE is questioning why it should apply IAS39 in its present form from the beginning of next year. The banks want a delay in implementation ‘and one can’t help but have a certain amount of sympathy for them’, said the EC spokesman.
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