A City of London tale has it that when those writing the rules of the International Accounting Standards Board (IASB) reached rule 39 they ran out of energy. They invited views on what the standard should include and bunched them together. The result was a muddle that, some lawyers argue, would make 95% of asset-backed transactions impossible. No-one worried because deals were executed under national accounting procedures.
The EC has decided that all EU companies must impose IAS by 2005.
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