At its meeting on 8 July 2005, the Accounting Regulatory Committee (ARC), which advises the European Commission on the endorsement of individual International Financial Reporting Standards (IFRSs) for use in the European Union, agreed unanimously to recommend endorsement of an amended version of IAS 39 relating to the Fair Value Option previously carved out. Unless the European Parliament raises objections, the Commission will therefore adopt the amended standard as soon as possible. Adoption will be retroactive to 1st January 2005, so that companies will be able to apply the amended standard for their 2005 financial statements.
FEE’s comment letter to EFRAG of 27 April 2005 supported the fast track process for the endorsement of the IAS 39 amendment.
