Brussels, 07/01/2005 (Agence Europe) - Regulations (EC) No 2236/2004, No 2237/2004 and No 2238/2004 amending Regulation (EC) No 1725/2003 on the adoption of certain International Accounting Standards (IAS) were published in the Official Journals L 392, L 393 and L 394 of 31 December 2004 respectively.
The first Regulation (EC) No 2236/2004 inserts the International Financial Reporting Standard IFRS 4 “Insurance contracts”, replaces standards IAS 22 and 35 with standards IFRS 3 “Business combinations” and IFRS 5 “Non-current assets held for sale and discontinued operations” respectively and clarifies standards IAS 36 “Impairment of assets” and IAS 38 “Intangible assets”. The second Regulation (EC) No 2237/2004 concerns standard IAS 32 “Financial instruments: disclosure and presentation” which will facilitate understanding of the significance of financial instruments with regard to an entity's financial situation, performance and financial flow. The third Regulation (EC) No 2236/2004 improves the quality and consistency of standards IAS 1, 2, 8, 10, 16, 17, 21, 24, 27, 28, 31, 33 and 40 and withdraws standard IAS 15 “Information reflecting the effects of changing prices”.
Since 1 January 2005, the International Accounting Standards drawn up by the International Accounting Standards Board (IASB) apply to more than 7000 quoted European companies. The aim is to create a single reference point which will create improved comparability of consolidated accounts. The complete adoption of standard IAS 39 “Financial instruments: recognition and measurement” still touches on the “fair value” system, all the elements of all quoted companies' balance sheets and on some provisions concerning hedge accounting.