European Commission Should Reject IAS39 - EACT
The Euro-Associations of Corporate Treasurers (EACT) has made public its annoyance over the IASB’s refusal to implement its proposed changes to IAS 32 and 39. Following a meeting in May – during which the Association adopted its 2003 report – the EACT noted: ‘We regret the IASB’s rigid attitude which leads them to ignore our proposals. On the basis of the latest drafts, we recommended their refusal to the European Commission.’ The EACT maintains its suggestions would lighten the administrative and costly burden fair value accounting could place on companies. At present, EU listed companies are expected to adopt new international accounting standards by 2005. Separately, the EACT offered its participation and support of the draft on the Code of Standard Practices for Participants in the Credit Rating Process and of the STEP report issued by Euribor-ACI.