BusinessCompany NewsBolkestein admits IAS39 will cause market confusion

Bolkestein admits IAS39 will cause market confusion

The European Commission's decision to alter financial instruments standard IAS39 could cause confusion in the markets for years, according to the man responsible for the 'carve-out'.

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.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

4w Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

5m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

5m Alia Shoaib, Reporter
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

8m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

8m Emma Smith, Managing Editor
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

8m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

8m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

8m Emma Smith, Managing Editor