PracticeConsultingEFRAG deals IAS39 another blow

EFRAG deals IAS39 another blow

EFRAG, the group responsible for advising the European Commission on international accounting standards, has not recommended endorsement of controversial financial instruments standard IAS39.

Link: IAS special report

The body withheld their advice on the standard, which has had some European banks up in arms over the volatility it would introduce into their accounts, after 6 of the 11 members of the group voted against recommending endorsement.

Under EFRAG’s constitution it cannot recommend non-endorsement of a standard without a two-thirds majority voting against it but it cannot support endorsement without a majority in favour.

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