EFRAG deals IAS39 another blow

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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