Notes from the ARC meeting of 20 November 2007
Dec 31, 2007
The European Commission has posted to its website the summary record of the meeting of the Accounting Regulatory Committee (ARC) on 20 November 2007. Topics discussed by the ARC at that meeting included:
- IFRS 8 Operating Segments. Has now been fully endorsed for use in the EU.
- IFRIC 12 Service Concession Arrangements. Commission is conducting an impact assessment, which should be finished by March 2008. An endorsement decision is expected by 'mid-2008'.
- Directive 2006/46/EC and IAS 24 Related Party Transactions. Are they consistent?
- Review of the operation of the IAS Regulation and the Fair Value Directive. The Commission has already published a Report on IAS Implementation Prepared by the ICAEW. A report on implementation of the fair value directive is being prepared.
- Equivalence: IFRSs and Third-country GAAPs. "The Commission Services agreed that EU oversight over IASB needs to be improved as the EU is the main user of the IASB's products.... The Commission Services invited Member States to present ideas in this respect, as regards both the emerging debate on governance of the IASB and the need to strengthen the ability of EU to influence IASB decisions."