THE ACCOUNTING REGULATORY COMMITTEE
OF 16 JULY 2003
M. David Wright, Director at the Internal Market DG, European Commission, chaired
the fourth official meeting of the Accounting Regulatory Committee ("ARC"). An
implementing measure featured on the agenda of this meeting.
The Chairman, joined by all Members States, extended a special word of welcome for the
representatives from Acceding Member States who for the first time joined the
Accounting Regulatory Committee in an observer capacity and very soon as full
members. CEIOPS, the Committee of European Insurance and Occupational Pensions
Supervisors, attended the ARC in an observer capacity for the first time.
Proposal for a Commission Regulation adopting certain international accounting
standards in accordance with Regulation (EC) N° 1606/2002 of the European
Parliament and of the Council
The Accounting Regulatory Committee voted unanimously in favour of the draft
Commission Regulation proposing the endorsement of all existing IAS and related
interpretations, with the exception, at this stage, of IAS 32 and 39.
The Chairman underlined the importance of this historic moment, being the first time that
the ARC and the Commission are invited to take a position on the endorsement of IAS.
The Chairman explained that the draft Commission regulation on the table represented
the first leg of this endorsement process i.e. the immediate adoption of all existing IAS
with the exception of IAS 32 and 39 that are the subject of a thorough review by the
IASB. The Chairman added that revised IAS 32 and 39 would be duly considered at a
later stage when available.
The Chairman recalled that the "split endorsement" approach proposed had been debated
in depth at the last meeting of the ARC on 10 April and was supported by Member States
as well as by the private sector.
The Chairman opened the floor for comments or statements. Member States expressed
unanimous support to t