The IASB is under intense pressure from the European Commission for further concessions on its derivatives rules, known as IAS 39, because EU banks fear they could inject strong volatility into their accounts."
French call IASB to account. "French banks have warned that the long-standing goal of convergence between US and international accounting standards must not thwart suitable accounting rules on derivatives for the European Union.... French banks want significant changes to the IASB's derivatives rules, known as IAS 39, which are based on US equivalents."
A convenient fudge to keep the dividends up. Nice people, those folk at the IASB. "The IASB is expected to require pension fund surpluses and deficits to appear on the face of the accounts. At current levels of pension fund deficits this could lead to a big reduction in distributable profits in the EU." The writer goes on to say: "I hear the IASB is now planning to borrow a fudge from the UK's FRS 17 on pensions. This standard applies to group accounts, but adoption by subsidiary companies is not mandatory. The law on distributability, in contrast, applies to single companies, but not to the group. So it would be possible, for example, even if the group accounts showed a company to be technically insolvent after including the pension fund deficit, to pay a dividend."