David Tweedie's testimony on IAS 39 is available

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04 Oct 2004

The IASB has released the (PDF 63k) of IASB Chairman Sir David Tweedie before the Committee on Monetary and Economic Affairs of the European Parliament on 22 September 2004. Sir David's prepared statement includes a report on the history, background, and progress of discussions on IAS 39. An excerpt: The Committee asked the IASB to appear to discuss progress with IAS 39 and the proposals of the European Commission.

In this statement, I shall focus on IAS 39, because the IASB has not taken a position on the proposals for endorsement. But I should emphasise at the outset that full endorsement of all of the IASB's standards, including IAS 39, is our preferred option. Although we are aware of the challenges that endorsement would pose, we are concerned that piecemeal approval of any of the IASB's standards risks undermining the coherence and integrity of the standards and making them more difficult to apply consistently.

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