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  • UK FRC urges European adoption of IAS 32 and IAS 39

    17 Jun 2004

    In a letter to the European Commission, the United Kingdom Financial Reporting Council (FRC) expressed "disappointment and concern that, despite the prolonged discussion as to the suitability for adoption in Europe of the International Accounting Standards Board's standards (IAS 32 and 39) on Financial Instruments, Europe's listed companies have yet to receive a clear and unequivocal message that they should prepare to apply these standards from next year.

  • US House committee would restrict FASB stock option standard

    16 Jun 2004

    By vote of 45-13, the Financial Services Committee of the US House of Representatives approved draft legislation that would restrict a FASB standard on expensing stock options to options granted to the top five officers of a company.

  • Legislation seen as threat to FASB independence

    15 Jun 2004

    The Trustees of the Financial Accounting Foundation, which oversees the FASB, have issued a press release expressing concern that FASB's independence is being "undermined" by legislation under consideration in the US Congress that would override or delay FASB's efforts to develop accounting standards for stock options.

  • News report about the ARC meeting on IAS 39

    15 Jun 2004

    The Accounting Regulatory Committee (ARC) of the European Commission met on Monday 14 June 2004 to consider whether to recommend that the Commission adopt IAS 39 for use in Europe.

  • UK ASB unanimously favours accepting IAS 39 in Europe

    14 Jun 2004

    In its Response to EFRAG's request for comments on whether IAS 39 should be endorsed for use in Europe, the UK Accounting Standards Board expressed the unanimous view of its members that: In the absence of a standard on the recognition and measurement of financial instruments, those dependent on a high quality of financial reporting – the investors in the international capital markets, and their investment analysts – would regard information provided by EU listed companies as potentially inconsistent and lacking in transparency.