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The Commission adopted amendments to accounting standards to ensure that EU companies have the same flexibility as their American competitors to reclassify assets held-for-trading into the held-to-maturity category. The changes will apply as from the third quarter of 2008.
Following the vote held in the Accounting Regulatory Committee on 15 October, the Commission stated that given the turbulence in financial markets, it will continue to closely monitor all accounting issues that could impact on the stability of financial institutions and financial markets and will keep under constant review the implementation of IAS 39 and IFRS 7.
On 13 October, the IASB adopted amendments of IAS 39 Financial Instruments: Recognition and Measurement and of IFRS 7 Financial Instruments: Disclosures.
The European Financial Reporting Advisory Group issued a favourable technical endorsement advice to the Commission on 14 October.