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SIC 7 Introduction of the Euro will have new relevancy

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18 May 2007

The European Commission has proposed that Cyprus and Malta be approved to adopt the euro on 1 January 2008, joining the 13 current euro countries.

The European Central Bank has made a similar recommendation. EU Finance Ministers will reach a final decision in July after consultation with the European Parliament and a discussion by European leaders at the June EU Summit. Interpretation SIC 7 Introduction of the Euro provides guidance on accounting for an entity's transition to the euro. It was issued in 1998 in anticipation of the initial use of the Euro as an accounting currency in 1999 and as a circulating currency in 2002.

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