Financial Reporting-IAS 39 Dispute Blocks IAS and US GAAP Convergence
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On 8 September 2004 EU Member States accepted the recommendations of the EU's Accounting Regulatory Committee to only partially endorse the introduction of proposals on financial reporting standards on derivative contracts, known as IAS 39. Some argue this could jeopardise an attempt to converge EU accounting standards with those in the US. This graphic shows three trucks representing US GAAP, EU Accounting Standards and International Accounting Standards on converging roads. The roads are blocked by thepartial adoption IAS 39 peak or standard. |
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