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.
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.
Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel