Brussels, 01/10/2004 (Agence Europe) - In Friday's meeting of the Accounting Regulatory Committee, the Member States had to take position on the adoption of a controversial accounting standard, IAS39, which will in theory apply from January 2005 to the 7,000 European companies which are floated on the stock exchange. The Commission hoped to reach a large majority within the Committee, as at recent sessions only the United Kingdom, Sweden and Denmark opposed the solution it put forward. This solution is that only part of IAS39 should be applied, leaving aside two questions which are still causing problems between the European banks and the International Accounting Standards Board (IASB): full fair value option for all financial assets and liabilities) and their market value (not their purchase price) in the bank's accounting, and the assessment of assets held to cover hedge accounting provisions. The Commission hopes that these negotiations will be over by the end of the year. It will adopt its decision in the next few months on the basis of the Accounting Regulatory Committee's vote. (The proposed regulation for the adoption of IAS39 were published on the Internet at http: //http://www.europa.EU.int/Commission/internal_market/accounting/ias_en.htm ).