EBA欧洲银行-2004_07_28-EGAA-letter-from-IASB_amendments-to-IAS-39_1页_186kb

CEBS Comments on IASB Exposure Draft: Amendments to IAS 39

Overview

The Committee of European Banking Supervisors (CEBS), established on 5 November 2003, has provided comments on the International Accounting Standards Board (IASB) Exposure Draft proposing amendments to IAS 39, Financial Instruments: Recognition and Measurement – The Fair Value Option. These comments are intended to guide the European Commission in the development of implementing measures for banking activities and to ensure consistency in the application of Community Directives across the European Union.

Core Content

The CEBS comments are part of a broader effort to support the consistent implementation of international accounting standards, particularly in the context of European banking supervision. The CEBS, composed of high-level representatives from banking supervisory authorities and central banks in the EU, plays an active role in monitoring developments in accounting and auditing standards and preparing positions for European regulatory frameworks.

The comments were developed by a Sub-Working Group of the Expert Group on Accounting & Auditing (EGAA), which is chaired by Prof Arnold Schilder from DNB. This group is responsible for monitoring international accounting developments and advising CEBS on appropriate positions for European banking supervision.

Main Views and Key Points

• Support for IASB's Initiative: CEBS acknowledges the importance of the IASB's work in revising IAS 39 and welcomes the opportunity to provide feedback.

• Focus on Fair Value Option: The proposed amendments to the fair value option are a central topic of the comments. CEBS emphasizes the need for clarity and consistency in the application of this option, particularly for European banking institutions.

• Regulatory Consistency: CEBS highlights the importance of aligning the proposed amendments with existing European regulatory frameworks to ensure a consistent application across all Member States.

• Supervisory Convergence: The comments stress the necessity of promoting supervisory convergence within the EU. This includes harmonizing practices and enhancing co-operation among supervisory authorities.

• Practical Implications: CEBS considers the practical implications of the amendments for banks and other financial institutions, including the impact on financial reporting, risk management, and regulatory compliance.

Key Information

• CEBS Role: Advises the European Commission on banking-related draft implementing measures, promotes consistent implementation of Community Directives, and enhances supervisory co-operation.

• EGAA Involvement: The Expert Group on Accounting & Auditing, under the chairmanship of Prof Arnold Schilder, is responsible for monitoring international accounting standards and developing positions for CEBS.

• Contact Information:

  • Prof Arnold Schilder (deputy chairman of EGAA): +31.20.524.3360
  • Arnoud Vossen: +31.20.524.3903
  • Mr Patrick Amis (Sub-Working Group coordinator): +33.1.4292.6032

• Document Context: The comments are part of the CEBS's ongoing engagement with the IASB and the development of European banking supervision standards.

Conclusion

CEBS recognizes the significance of the IASB's proposed amendments to IAS 39 and supports the initiative to improve the fair value option. The comments reflect CEBS's commitment to ensuring that these changes are consistent with European regulatory requirements and promote supervisory convergence and co-operation across the EU. The feedback provided is intended to contribute to the development of appropriate implementing measures and to support the effective application of international accounting standards in the European banking sector.