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Report from the ARC 30 November 2005 meeting

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01 Dec 2005

The Accounting Regulatory Committee of the European Commission met on 30 November 2005 in Brussels.

Key agenda items:

  • The Commission noted that a question has arisen regarding what date should be used for the applicability of endorsed IFRS? This is especially relevant where the IASB publishes a standard before the balance sheet date of a company but it is endorsed by the EU and published in the Official Journal only after that date. The Commission informed Member States that Regulations endorsing IFRS published in the Official Journal and entering into force after the balance sheet date but before the date the financial statements are signed can be used in those financial statements if early application is permitted in the Regulation and the related IFRS.
  • The ARC voted unanimously to endorse IFRS 7 Financial Instruments: Disclosures; the 'comparative disclosures' amendments to IFRS 1 and 6; the 'capital disclosures' amendment to IAS 1; the amendments to IAS 39 and IFRS 4 on financial guarantee contracts; and IFRIC 6.
  • The ARC, at its 8 November 2005 meeting, voted unanimously to endorse the amendment to IAS 39 on cash flow hedge accounting of forecast intragroup transactions.
An important consequence of the above is that – assuming IFRS 7 and the various amendments are adopted by the Commission and published in the Official Journal early in 2006 – European IFRS companies can early adopt IFRS 7 and those amendments for calendar 2005 financial statements if they wish. Adoption and publication are expected by March 2006 or earlier. The Commission has posted the foregoing information Here.

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