21/01/2005 (Agence Europe) - 'Since 1 January 2005, international financial reporting standards are effectively applicable to EU listed companies. And yet, the uncertainly surrounding accounting rules for quoted insurers remains,' says Gerard de La Martiniere, President of the European Insurers' Committee CEA, in a press release. He added: 'It is of critical importance to have a revised IAS 39 in place and fully endorsed by the European Commission as soon as possible.' The CEA notes that European insurers 'have been preparing for IAS 39 in the version including the unlimited fair value option,' so the International Accounting Standards Board (IASB)'s new preliminary 'U-turn would pose major changeover difficulties. 'Most European insurers make frequent use' of the unlimited fair value option in IAS 39 'for both financial assets and liabilities as a tool for providing more relevant information and simplifying the processes.' The 'CEA welcomes the more principles-based approach' of the IASB's new ideas, 'but regress that it would restrict the fair value option for both financial assets and liabilities. CEA supports the principle of retaining the unlimited fair value option in IAS 39.'