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The European Financial Reporting Advisory Group -- an organisation established in March
by a broad group of organisations representing the European accounting profession, preparers, users, and national standard-setters -- has created a Technical Expert Group and a Supervisory Board to serve as Europe's "IAS Endorsement Mechanism".
On 15 May, the European Parliament amended the 4th and 7th Directives (European laws) to require listed companies to follow IAS 39 by reporting certain financial assets and liabilities at fair value in their annual consolidated financial statements.
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