European Commission endorses IAS 39
20 Nov 2004
The European Commission has adopted a Regulation endorsing IAS 39 Financial Instruments: Recognition and Measurement, with the exception of certain provisions on the use of the full fair value option for liabilities and on hedge accounting.
This text was supported both by a qualified majority of Member States at the Accounting Regulatory Committee (ARC) on 1 October and by the European Parliament. The Commission has also adopted a political declaration stating that it expects the International Accounting Standards Board (IASB) to bring forward the necessary amendments to the current full fair value option by December 2004 and to the provisions on hedge accounting by September 2005. Use of IAS 39, apart from the 'carved-out' sections, will be legally binding for all listed companies in the EU from 1st January 2005. |
- (PDF 28k).
- A related document released by the European Commission: (PDF 85k).
- (PDF 12k).