ASB to rule on IAS39 adoption
The UK Accounting Standards Board is today expected to announce whether UK listed companies have to adopt the full set of new international financial reporting rules.
ASB board members met last Thursday to discuss full adoption of the rules, according to The Financial Times.
It?s expected the board will require companies to adopt in full the updated version of IAS39.
Under a ruling by the European Commission all publicly listed companies in the European Union must adopt international financial reporting standards by 2005.
But one standard in particular, IAS39 – which requires companies to account for derivatives at market value – is strongly opposed by some business leaders because of the volatility it will cause in the accounts.