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Minutes of 1 October 2004 ARC meeting

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20 Oct 2004

The European Commission has published the minutes of the 1 October 2004 meeting of its Accounting Regulatory Committee at which the ARC recommended endorsement of IAS 39 for use in Europe with two sections "carved out": The carve-outs would (1) prohibit use of the IAS 39 fair value option as it applies to liabilities, and (2) allow using fair value hedge accounting for interest rate hedges of core deposits on a portfolio basis.

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