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- Title
Inconsistent Standards Remain for Accounting for Financial Instruments.
- Authors
Gornik-Tomaszewski, Sylwia; Jermakowicz, Eva K.
- Abstract
The article deals with the conflict between the International Accounting Standards Board (IASB) and the European Commission over financial accounting standards. Some companies in the European Union are due to use International Financial Reporting Standards (IFRS) for consolidated financial statements from 2005, but they can only apply it if the Commission has endorsed them. The Commission has endorsed all IFRS except for International Accounting Standard (IAS) No. 32 known as Financial Instruments: Disclosure and Presentation and IAS NO. 39 known as Financial Instruments: Recognition and Measurement. Status of the disagreement between IAS and the Commission is discussed.
- Subjects
ACCOUNTING standards; EUROPEAN Commission; CONSOLIDATED financial statements; FINANCIAL instruments; FINANCIAL disclosure; BANKING industry; EUROPEAN Union
- Publication
Bank Accounting & Finance (08943958), 2004, Vol 17, Issue 6, p33
- ISSN
0894-3958
- Publication type
Article