Internal market commissioner Frits Bolkestein admitted in an interview with the Financial Times that the new regime would take time to adjust to but said that the compromise reached on IAS39 was a ‘risk worth taking’ rather than going into 2005 without a standard at all.
Problems are expected as some companies choose to follow the full standard, as written by the International Accounting Standards Board, while others use the EC’s altered version, making comparisons difficult.
Some companies still believe that even the amended version of the standard still introduces too much volatility into their accounts.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements