EFRAG endorses IAS 32 but not IAS 39
09 Jul 2004
At its meeting yesterday in Brussels, the Technical Expert Group of the European Financial Reporting Advisory Group (EFRAG) agreed to recommend that the European Commission endorse IAS 32 'Financial Instruments: Presentation and Disclosure' for use in Europe.
However, EFRAG concluded not to make any recommendation on endorsement of IAS 39 Financial Instruments: Recognition and Measurement because only 5 members were in favour of endorsement while 6 were against. The EC's Accounting Regulatory Committee (ARC) meets today to consider, as EFRAG did, whether to recommend that the Commission adopt IAS 39 for use in Europe. Like EFRAG's, the ARC's recommendation is non-binding. Click to download EFRAG's Letter on IAS 32 (PDF 38k).
