-The EP adopted the report by
Lord Inglewood on amending Directives 78/660/EEC and 83/349/EEC, concerning the valuation rules for the annual and consolidated accounts of certain types of companies. The parliament voted to include banks and other financial institutions as these are among the most frequent users of derivative financial instruments.
The amendments, while broadly endorsing the commission’s proposals, aim to clarify and improve the wording of the text and also make a number of substantive changes to it. They also seek to clarify which categories of company, as well as which financial instruments and commodity-based contracts, fair value accounting should be applied to. The purpose of the proposal is to bring EU legislation into line with the new International Accounting Standards (IAS).
© European Parliament
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