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.

Related Articles

PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

2d Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

1w Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

1w Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

3w Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

1m Alia Shoaib, Reporter
KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

2m Emma Smith, Managing Editor