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EU might delete 17 paragraphs from IAS 39 before endorsing

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21 Jul 2004

Bloomberg News and Reuters are reporting that EU Financial Services Commissioner Frits Bolkestein told the European Commission, at a meeting in Strasbourg, France, yesterday, that the European Union should 'carve out' 17 paragraphs from IAS 39 before endorsing that standard for use in Europe.

The deleted paragraphs relate to derivatives and hedge accounting and the fair value option. Those paragraphs would not be endorsed pending the IASB's review of concerns that have been expressed by the EU about the effect of the IAS 39 the hedging provisions and fair value option particularly on banks. Mr. Bolkestein indicated that after receiving the non-binding opinion of the Commission's Accounting Regulatory Committee, which meets 9 September 2004, the proposal to endorse IAS 39 minus the carved out parts would be put before the 30-member European Commission for a vote before the end of October 2004, Bloomberg News reported.

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