Link: IAS special report
The International Accounting Standards Board laid the foundations for a replacement yesterday, while at the same time publishing revisions to the exisiting rule.
With the board’s self-imposed deadline for the publication of all standards relating to the 2005 introduction of international rules passing today, it has released new standards IFRS3, IFRS4 to IFRS5 alongside the amendments to IAS39 relating to macro hedging.
But alongside the revision, the board also announced that it is to set up an international working party to examine the fundamentals of IAS39, with a view to replacing the standard.
The move should help appease the concerns of European banks, which claimed the new rules would introduce false volatility into their accounts. But the IASB has yet to release another exposure draft on IAS39, relating to the fair value option. It will be published this month and have a 90-day consultation period.
Further controversy could see the European endorsement of IAS39 delayed for a year.
Three new standards emerged yesterday. IFRS3 on business combinations bans merger accounting; IFRS4 insurance contracts sets out standards for the insurance industry, and IFRS5 arises from the IASB’s joint convergence project with its US counterpart.
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