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Summary of ARC December 2004 meeting

  • European Union (old) Image

20 Jan 2005

The European Commission has released (PDF 44k) of the 20 December 2004 meeting of its Accounting Regulatory Committee.

The summary includes the following:
  • The ARC voted to recommend that the Commission endorse IFRS 2 Share-based Payment for use in Europe, with certain consequential amendments to previously endorsed IFRSs. ARC's weighted voting result (321 total potential votes) was that 23 Member States (302 votes) voted in favour of endorsing IFRS 2; one Member State (12 votes) abstained because of a reservation on the translation; and one Member State (7 votes) was not present.
  • An update on possible amendments to IAS 39
  • Views of Member States regarding the IASCF Constitution Review – including the comment that "the Chairman said that there is a growing concern in political circles about the IASB's lack of democratic accountability and the way it is carrying out its work".
  • The Accounting Regulatory Committee and the Contact Committee of the Accounting Directives would be merged from the beginning of 2005.
  • The ARC will next meet on 25 February 2005. Other 2005 meetings are planned for 8 April, 27 May, 8 July, 30 September, 28 October, and 2 December.

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