PracticeAuditCommission gives nod to IAS39

Commission gives nod to IAS39

European Commission approves IAS39, complete with the fair value option

The amended International Accounting Standard IAS39 on ‘fair value’ has
become binding for listed EU companies, backdated until January 1 of this year,
for use in 2005 financial statements.

The European Commission has endorsed the reformed standard, supported by the
EU Council of Ministers’ accounting regulatory committee and the European
Parliament.

EU internal market commissioner Charlie McCreevy said he was ‘very pleased
that the Commission has been able to eliminate the “Fair Value carve-out” to
IAS39,’ which he said was ‘always intended to be exceptional and temporary’.

The EU refused to endorse the full version of the standard when it was
initially outlined and had carved out the fair value option, but this has now
been restored to the standard.

Work will now focus on the remaining IAS39 carve-out: hedge accounting.

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