Proposals intended to defuse the increasing tension between the European Commission and the International Accounting Standards Board over controversial financial instruments standard IAS39 could be put forward next week.
Link: IAS special report
Following the rejection of a potential solution last month, the European Banking Federation is finalising alternatives. If approved they could be put to IASB representatives next week.
Doubts grow over future of IAS39
‘We have proposals on the table that we may put forward to the IASB, but we have to have a good look at them and get them approved,’ said Wilfried Wilms, adviser at the EBF.
The European Commission has stated that it will refuse to endorse IAS39 unless a short-term solution to the volatility concerns of the banks can be found, with a further commitment from IASB chief Sir David Tweedie to look at the issues in more depth in the medium-term.
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