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Deloitte urges IAS 32/39 endorsement in Europe

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05 Jul 2004

Deloitte has urged the European Financial Reporting Advisory Group (EFRAG) to recommend that the European Commission adopt IAS 32 and IAS 39 for use in Europe starting in 2005. Our (PDF 51k) cites a number of "far reaching and damaging" consequences for the transition to IFRSs in Europe in 2005 if there is not a "fully endorsed and wholly supported standard on the recognition and measurement of financial instruments". Whilst IAS 39 is not perfect, there is much to be warmly welcomed.

We believe the principles for hedge accounting established by IAS 39 are sound and will, if adopted, provide a model for recognition and measurement that, notwithstanding the shortcomings, will enhance the transparency and consistency of corporate reporting, including reporting by financial institutions, across the EU.

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