The European Financial Services Round Table, made up of the heads of leading banks and insurers, said it would use European rules rather international accounting standards 32 and 39 if last-minute concessions are not granted at today’s meeting in Brussels.
The banks say accounting for derivatives in the way prescribed by IAS 39 would lead to more volatility in their balance sheets.
Sir David Tweedie, chairman of the IASB, has asked the body to respond to the concerns, but it is not expected to grant all the concessions being demanded, the Financial Times reported.
The round table is expected to ask the European Commission to, in turn, to ask the European Financial Reporting Advisory Group to prepare a European accounting standard for financial instruments.
This could result is listed EU companies being forced to use two sets of standards, destroying the primary goal of the IASB project.
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