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UK ASB urges compliance with full IAS 39

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13 Oct 2004

The United Kingdom Accounting Standards Board has issued a statement on the implications for UK financial reporting of the modified version of IAS 39 Financial Instruments: Recognition and Measurement recently endorsed by the Accounting Regulatory Committee of the European Commission.

The ASB said:

The ASB strongly supports the view that all UK companies should comply as far as possible with the full hedging provisions of the standard and not the amended version.... If power to mandate full compliance lay with the Board, it would do so immediately. However, the Board understands that, as a consequence of the IAS Regulation, the Board may not currently have this power. The Board intends to explore all possible means of mandating compliance with the hedging requirements as soon as possible.

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