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UK FRC urges European adoption of IAS 32 and IAS 39

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17 Jun 2004

In a letter to the European Commission, the United Kingdom Financial Reporting Council (FRC) expressed "disappointment and concern that, despite the prolonged discussion as to the suitability for adoption in Europe of the International Accounting Standards Board's standards (IAS 32 and 39) on Financial Instruments, Europe's listed companies have yet to receive a clear and unequivocal message that they should prepare to apply these standards from next year.

The FRC believes that the adoption of IAS 39 is particularly important to regulate accounting for off-balance sheet finance and to ensure that the impact of derivatives is recorded in financial statements." Click for (PDF 60k) and (PDF 93k). The UK Association of Corporate Treasurers has written a similar (PDF 34k) to the EC.

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