Report from the 20 May 2005 ARC meeting
25 May 2005
At its meeting on 20 May 2005, the Accounting Regulatory Committee, which advises the European Commission on endorsement of individual IFRSs and IFRIC Interpretations for use in Europe, agreed unanimously to recommend endorsement of IFRS 6, IFRIC Interpretations 4 and 5, IFRIC's recent amendment to SIC 12, and the IASB's recent amendment to IAS 19, and related consequential amendments.
ARC members also expressed strong support for the Commission's intention to endorse the IASB's proposed amendments to the Fair Value Option in IAS 39, pending publication of the amendments by the IASB. The Commission intends to seek the ARC's approval of these amendments at the ARC's next meeting on 8 July 2005. With respect to IFRIC 3 Emission Rights, in light of EFRAG's recommendation that the Commission not endorse IFRIC 3 for use in Europe, the Commission has asked the IASB to defer the effective date of IFRIC 3. If the effective date is not deferred, the ARC will be asked to decide on IFRIC 3 at its 8 July 2005 meeting. Click here to download the (PDF 36k). Background papers for the 20 May 2005 ARC meeting may be found at The ARC Website.