Minutes of the 14 June 2004 EC Accounting Regulatory Committee

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05 Jul 2004

The European Commission has published the of the 14 June 2004 meeting of the Accounting Regulatory Committee, at which endorsement of IAS 39 was the principal topic of discussion.

As previously reported (see our story of 15 June 2004) the governments of four European countries objected to the rule and six others abstained. Fifteen voted in favour. The Commission has asked the countries to put their views in writing by 30 June. After then, the Commission will make a decision. The minutes also note that IAS 32 will be proposed for endorsement because IFRIC Draft Interpretation D8 satisfactorily addresses the accounting treatment for cooperative shares.

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