EC endorses amended IAS 39

The European Commission (EC) has endorsed the amended International Accounting Standard 39 (IAS 39) on Financial Instruments: Recognition and Measurement, the "Fair Value Option". An amended version of the text was unanimously supported by member states at the Accounting Regulatory Committee and by the European Parliament. Adoption is retroactive to 1st January 2005, so that companies will be able to apply the amended standard for their 2005 financial statements.

A year ago, the EC adopted IAS