FT: Brussels warns IASB over derivatives rules

17 May 2004

As reported in a Financial Times article, the European Commission warned it will reject controversial accounting rules on derivatives if standard setters and banks fail to reach a compromise on IAS 39 by the middle of June. A meeting between the IASB, regulators and the banks early next month would represent the last chance to finalise a compromise.

A spokesman for Commissioner Bolkestein is reported to have said that “if we do not get a satisfactory solution on the outstanding issues by the middle of June we will not propose to endorse IAS 39. It would mean IAS 39 would not be legally binding within the EU for the start of 2005.”

Full FT Article

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