PracticeConsultingEC pushes for more talks between banks and IASB

EC pushes for more talks between banks and IASB

Talks should continue between European banks and the International Accounting Standards Board following the release of revised drafts on financial instruments, according to the European Commission.

Link: IASB and banks on the brink of deal

The EC said the IASB and banks should continue their dialogue in order to resolve any outstanding issues that arise from the new drafts, especially those relating to the treatment of derivatives.

The banks had been concerned over the volatility that would be introduced into their accounts due to the way macro hedging is treated in IAS 32 and 39. However the revised standard contains some key concessions that should calm these fears.

The EC became embroiled in the row as it has to endorse the standard for use by listed companies within the European Union from 2005. Commission officials have welcomed the progress the new draft has made and are encouraging further dialogue to seek out a consensus, according to the FT.

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