Source: www.breakingviews.com is Europe’s leading financial commentary service
Date: August 2003
By Christopher Hughes
The International Accounting Standards Board has locked horns with the European financial services industry. At issue is whether Europe’s banks will adopt a new international accounting standard forcing them to disclose the market value of their derivatives holdings, as US banks have done for years.
The banks’ attempts to fight the proposal are getting more desperate. French president Jacques Chirac has waded in on their behalf, threatening the ultimate action: preventing the new standard being enshrined in European law.
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