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Adoption of IAS 32 and 39 may be delayed in Europe

  • European Union (old) Image

16 Jul 2003

Following discussion of measures for implementing the EU IAS Regulation 1606/2002, the Council of Finance Ministers (ECOFIN) issued a public announcement suggesting that IAS 32 and IAS 39 might not be adopted immediately in Europe: .

Following discussion of measures for implementing the EU IAS Regulation 1606/2002, the Council of Finance Ministers (ECOFIN) issued a public announcement suggesting that IAS 32 and IAS 39 might not be adopted immediately in Europe:

The Council asks the Commission to request the IASB to continue its dialogue with representatives of European industries in order to find a satisfactory and timely solution for the revised IAS 32 and 39 in view of their envisaged application.... The Council agrees with the Commission regarding the importance of an immediate adoption of all existing IAS, with IAS 32 and 39 as soon as possible thereafter. The adoption of future standards must respect the quality criteria set out in the IAS Regulation and be conducive to the European public good.

Under Regulation 1606/2002, an Accounting Regulatory Committee appointed by the EC must endorse IASB standards for use in Europe. The ARC meets today (16 July 2003). Click for Full Text of ECOFIN Announcement (PDF 207k. The IAS discussion is on pages 14 and 15.)

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