However, it has carved out two sections on the full fair value option and hedge accounting, following criticism from European banks.
Brussels said that these exceptions would probably be temporary, as it expected the International Accounting Standards Board (IASB) to amend IAS39’s full fair value option by December and its hedge accounting rules by September 2005.
The Commission’s decision means that IAS39 will become legally binding for all listed companies from January 1, 2005, except for the carved out sections. In his last statement as EU outgoing internal market Commissioner, Frits Bolkestein said: ‘IAS39 has been very controversial’.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned