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News report about the ARC meeting on IAS 39

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15 Jun 2004

The Accounting Regulatory Committee (ARC) of the European Commission met on Monday 14 June 2004 to consider whether to recommend that the Commission adopt IAS 39 for use in Europe.

The ARC includes one representative from each of the 25 EU member states. Although there is no report yet on the ARC Website or other announcement from the Commission, the New York Times and the Financial Times have both reported that the governments of four European countries – Belgium, France, Italy, and Spain – objected to the rule and six others, including Germany, 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.

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