Link: IAS special report
There are growing fears that the European Union could snub the IASB over proposals to update its IAS39 standard. The IASB’s stance has upset the European banking sector, particularly the French.
‘The French are quite powerful in the EU and there is a fair amount of frustration with the IASB,’ said Tony Clifford, partner at Ernst & Young.
The European Commission has warned the IASB that it must seek a consensus on IAS39. If the European financial institutions and the IASB fail to reach a compromise, the commission could veto the derivatives standard, derailing the timetable for the implementation of IAS39 in 2005.
IASB chairman Sir David Tweedie said: ‘A standard on financial instruments is an essential element of any complete set of accounting standard. We will be actively working with interested parties in the months ahead to ensure that we ultimately reach a well-respected, high-quality solution.’
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