Procedure completed
Role | Committee | Rapporteur | Shadows |
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Opinion | ITRE | ||
Lead | JURI | INGLEWOOD The Lord (PPE-DE) |
Legal Basis EC Treaty (after Amsterdam) EC 044
Activites
- 2001/10/27 Final act published in Official Journal
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2001/09/27
Final act signed
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2001/09/27
End of procedure in Parliament
- #2351
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2001/05/30
Council Meeting
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2001/05/30
Act adopted by Council after Parliament's 1st reading
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2001/05/15
Decision by Parliament, 1st reading/single reading
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T5-0241/2001
summary
The European Parliament endorsed the report by Lord INGLEWOOD (EPP/ED, UK) on amending Directives 78/660/EEC and 83/349/EEC as regards the valuation rules for the annual and consolidated accounts of certain types of companies. (Please refer to the prvious text). The House voted to include banks and other financial institutions as these are among the most frequent users of derivative financial instruments. The application of fair value of them will foster market transparency and market discipline. The amendments, while broadly endorsing the Commisson's proposals, aim to clarify and improve the wording of the text and also make a number of substantive changes to it. The amendments also seek to clarify which categories of company, as well as which financial instruments and commodity based contracts, fair value accounting should be applied to. The purpose of the proposal is to bring EU legislation into line with the new International Accounting Standards (IAS). In order to take account of the widespread use of derivative financial instruments such as futures, options, forward contracst and swaps, the IAS have moved away from the 'historical cost' valuation model on which the existing directives are based ("historical cost" being the price actually paid for an asset or liability) towards "fair value accounting" (where an item is valued at today's market value). �
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T5-0241/2001
summary
- 2001/05/03 Debate in Parliament
- 2001/04/24 Vote in committee, 1st reading/single reading
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2000/03/17
Committee referral announced in Parliament, 1st reading/single reading
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2000/02/24
Legislative proposal published
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COM(2000)0080
summary
PURPOSE : To amend Directives 78/660/EEC and 83/349/EEC as regards the valuation rules for the annual and consolidated accounts of certain types of companies in order to conform with new accounting standards caused by increasing use of derivatives. CONTENT : The accounting requirements set out in the above Accounting Directives reflect the consensus views of users and preparers of accounts and accounting standard setters that were held at the time the Directives were adopted. Since then, the international financial markets have seen the increasingly widespread use of various forms of derivative financial instruments. The growth in their use has outstripped the accounting guidance of the Directives. The Commission proposes changes in the Directives that keep them in line with the International Accounting Standards (IAS). IAS rules have moved away from the historical cost valuation model to "fair value accounting". The Commission's key proposals incorporate this move. The balance sheet items that cannot be valued at fair value are specified. The proposed amendment is not directed at SMEs since they are generally not the companies that use derivative financial instruments.�
- DG [{'url': 'http://ec.europa.eu/dgs/internal_market/', 'title': 'Internal Market and Services'}],
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COM(2000)0080
summary
Documents
- Legislative proposal published: COM(2000)0080
- Committee report tabled for plenary, 1st reading/single reading: A5-0130/2001
- Debate in Parliament: Debate in Parliament
- Decision by Parliament, 1st reading/single reading: T5-0241/2001
- : Directive 2001/65
- : OJ L 283 27.10.2001, p. 0028
History
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