Some European banks and insurance companies are demanding substantial changes to the International Accounting Standards Board's (IASB) complex standards on financial instruments, which are based on US financial reporting rules. They are concerned that the standards will inject volatility into their profits and balance sheets.
Belgium, Italy, Portugal and Spain also objected to the standards, and the European commission pressed the IASB to embark on a series of public hearings that will start next month. The European Commission, the EU's executive, is now unlikely to attempt to endorse the international accounting standards until June.
(Source : http://www.accountancymag.co.uk/)