On October 15, the Official Journal of the European Union published Commission Regulation 1004/2008, through which the Union adopted the accounting amendments introduced a few days earlier by the IASB to International Accounting Standards IAS 39 and IFRS 7, regarding the accounting treatment of financial instruments.
The amendment is a result of the decisive push by European governments to curb the potential procyclical effects that accounting regulations could be having on the current international financial crisis.
