FEE supports IAS 32/39 endorsement in Europe

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05 Jul 2004

The European Federation of Accountants has sent separate letters to the European Financial Reporting Advisory Group (EFRAG) supporting EFRAG's draft letters endorsing IAS 32 and IAS 39 for use in Europe.

You can download FEE's letters from the FEE Website. In its letter on IAS 39, FEE wrote:

The standard will probably introduce some volatility in reported equity of financial institutions, but this will be clearly identifiable and explainable. We therefore agree with the position taken by the assenting view TEG members that the standard in its current form is sufficiently robust to form a basis for reporting on financial instruments in Europe and have concluded that IAS 39 meets the requirements of the Regulation and should accordingly be adopted for use in Europe. This conclusion has overwhelming support of the FEE Council although we note that a very small number of Member Bodies have not yet taken position on this issue.

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