17 Jul 2003

In an announcement following the meeting of its Council of Finance Ministers (see story below dated 16 July), the European Commission urged the IASB and representatives of the banking and insurance industries "to pursue an active and open dialogue to reach an acceptable solution on IAS 32 and 39": "The Commission will be proposing to the Accounting Regulatory Committee in its meeting on 16th July that the EU endorse immediately all existing IAS, except IAS 32 and 39. If the Committee supports the Commission's proposal, the Commission intends to formally endorse all existing IAS except 32 and 39 in September. "IAS 32 and 39 are still being reviewed by the International Accounting Standards Board to ensure that they will provide a sufficiently rigorous solution for the accounting treatment of financial instruments for banks and insurance companies.