PracticeAuditIAS39 option gets banking approval

IAS39 option gets banking approval

Meeting paves way to close gap between IASB and EC standard.

A new draft of one of the controversial parts of financial instruments standard IAS39 could gain European approval after it won the support of the banking community.

Link: Uncertain tax climate leads to drastic measures

At a meeting in London yesterday, the International Accounting Standards Board put forward its proposals for a new version of the fair value option, one of the areas carved out of IAS39 by the European Commission, to bankers, insurers and regulators.

The majority agreed that the proposals represented a workable solution. This approval could allow the IASB to publish a final version of the option by June, which could then be put forward to the EC for inclusion in the carved-out version of the standard.

Should the EC approve this, it would go a long way to settling the ongoing dispute between the standard-setter and the politicians, although there are still major differences in the more significant area of interest rate hedging.

The IASB has since set up a working group to look at these vital issues.

Related Articles

Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

4d Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

1w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

1m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter
Deloitte to pay $149.5m over Taylor, Bean & Whitaker audit failure

Audit Deloitte to pay $149.5m over Taylor, Bean & Whitaker audit failure

3m Alia Shoaib, Reporter