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ARC concurs with IAS 39 "carve out" for Europe

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10 Sep 2004

Several newspapers have reported that the European Commission's Accounting Regulatory Committee (ARC) has agreed in principle to support the Commission's proposal that IAS 39 be adopted for use in Europe minus two sections – the prohibition on hedge accounting for core deposits and the fair value option (see our news report of 9 September 2004).

The ARC is expected to take a final vote around 1 October. Information can be found on the EC Accounting Website. In July, Deloitte urged that IAS 39 be adopted in its entirety, citing a number of "far reaching and damaging" consequences for the transition to IFRSs in Europe in 2005 if there is not a "fully endorsed and wholly supported standard on the recognition and measurement of financial instruments".

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