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.