The European Commission is threatening seven European Union countries with legal action at the European Court of Justice for failing to apply EU law and give local companies the option of applying international accounting standard 39 on financial instruments.
Link: IAS39 dead in the water
Brussels is currently grappling with the controversial issue of whether to make IAS39 compulsory for listed companies, but meanwhile, it is upset that Belgium, Greece, France, Ireland, Luxembourg, the Netherlands and Finland have not yet implemented the 2001 ‘fair value’ directive (2001/65/EC) on accounting rules.
The directive tells member countries to at least permit companies to apply IAS39 rules on valuing instruments such as derivatives, restricting this to only consolidated accounts, if deemed necessary.
The commission said that it ‘cannot see any reason for delaying the transposition of this directive into national law because this is mainly an enabling exercise’, adding that its disclosure rules ‘should allow a better insight into financial instruments in financial statements’.
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