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UK ASB adopts IAS 39 in full (no "carve-outs")

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03 Dec 2004

The United Kingdom Accounting Standards Board (ASB) has issued six standards that represent a major step towards aligning UK GAAP and IFRSs.

The six standards are UK equivalents of IASs 21, 29, 32, 33, and 39 plus an amendment to the existing UK FRS 2. The UK's new equivalent of IAS 39 implements in full the measurement and hedge accounting provisions of IAS 39 without amendment, rather than the amended version of IAS 39 adopted by the European Commission that restricts the use of the full fair value option and permits hedge accounting for bank core deposits. Link to ASB Press Release.

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