Gang of four unites to derail IAS39
The fate of international accounting standards in Europe is balanced on a knife edge after opposition to the endorsement of financial instruments standard IAS39 gathered momentum.
The fate of international accounting standards in Europe is balanced on a knife edge after opposition to the endorsement of financial instruments standard IAS39 gathered momentum.
Link: UK piles pressure on EU to settle IAS39 row
At a meeting of the European Commission’s accounting regulatory committee earlier this week, four nations – France, Belgium, Italy and Spain – said they opposed the use of IAS39 in its current form by the EU’s listed companies in the EU from 2005. Six others – Germany, Portugal, Slovakia, Slovenia, Luxembourg and Malta – abstained while the remaining 15, including the UK, voted in favour.
The EC is now waiting for the member states to confirm their views in writing by 30 June. It could take as few as two of the abstaining states to come out against adoption of IAS39 in their written view to create a blocking minority, which would derail the implementation of the standard.
‘The commission will clarify the way it intends to move forward with IAS39 once it has the definitive view of member states and of EFRAG,’ said a commission spokesman.
EFRAG, the EC’s accounting advisers, has published a consultation document proposing endorsement, even though more than half of its members voted against the standard. However, EFRAG’s rules require a two-thirds majority to recommend non-endorsement.
Failure by the EC to adopt the standard would severely damage the chances of eventual convergence of international standards with US accounting standards.
The numbers you crunch tell a story. Your expertis...
20yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleGlobal spend on accountancy outsourcing up by 40% in the space of five years. News comes as accountancy outsourcing specialist AdvanceTrack reports en...
View articleFollowing a profitability review, Deloitte has decided to scale back its UK deals business due to lower returns. This strategic shift could lead to jo...
View articleUK-based Dow Schofield Watts (DSW), a mid-market professional services network, announced the creation of a new division called DSW Principal Partners...
View articleEY has been undergoing significant cost-cutting measures and streamlining its operations since the abandonment of Project Everest. The firm has made t...
View articleTransitioning from an accounting firm to a consultancy model is only one part of the puzzle. The next, equally vital piece is making the market aware ...
View articleThis framework, while providing a top-line view, underscores the importance of strategic vision, operational excellence, and the spirit of continuous ...
View articleLooking ahead, the Big 4 firms face a challenging year, with ongoing cost-of-living concerns, slow economic growth, rising geopolitical tensions, and ...
View articleLast month it was reported that Deloitte would be cutting approximately 1,200 jobs in the United States, making it the latest of the Big Four accounti...
View article