EC report on implementation of IFRSs in Europe

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02 Jun 2004

The (PDF 148k) on the European Commission's Action Plan for Financial Services, which was presented to the 2 June 2004 meeting of the Council of Economics and Finance Ministers, provides an update on the implementation of IFRSs in Europe, including the following commentary on IAS 39: On IAS 39, discussions continue between the IASB and interested parties. On 21 April, the IASB re-exposed the fair value option in IAS 39. Further discussions relate to the presentation of cash flow hedges and the possible application of a third type of hedge.

On IAS 32, the Interpretation Committee of the IASB, IFRIC, is working on a draft interpretation regarding the treatment of cooperative shares that will be exposed for further comments in the near future. It is the Commission's intention to take stock of the ongoing discussions between the IASB and the European banking industry on IAS 39 at a next meeting of the Accounting Regulatory Committee, planned on 14 June.

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