direct ec european parliament council septemb amend direct eec eec eec valuat rule annual consolid account type compani bank financi institut european parliament council european union regard treati establish european commun articl regard propos commiss regard opinion econom social committe act accord procedur laid articl treati articl fourth council direct eec juli annual account type compani requir item shown annual account valu basi principl purchas price product cost articl direct eec authoris member state permit requir compani revalu asset asset replac cost appli method account effect inflat item shown annual account articl seventh council direct eec june consolid account requir asset liabil includ consolid account valu accord articl articl direct eec articl council direct eec decemb annual account consolid account bank financi institut requir asset liabil valu accord articl direct eec direct eec annual consolid account insur undertak prepar accord council direct eec decemb annual account consolid account insur undertak amend direct eec eec concern provis direct eec commiss bring forward similar propos amend direct consult relev advisori committe dynam natur intern financi market result widespread tradit primari financi instrument share bond form deriv financi instrument futur option forward contract swap lead account standard setter world move histor cost model valuat financi instrument model fair account commun commiss account harmonis strategi vi vi intern harmonis call european union work maintain consist commun account direct develop intern account standard set intern account standard committe iasc order maintain consist internation recognis account standard direct eec eec eec amend direct order financi asset liabil valu fair enabl european compani report conform current intern develop amend direct eec eec eec line commiss commun european parliament council june eu financi report strategi propos recognis intern account standard prepar consolid financi statement list compani purpos amend applic intern account standard deal recognit measur financi instrument compar financi inform commun make requir member state introduc system fair account financi instrument member state permit adopt system compani class compani subject direct eec eec eec respect annual consolid account respect consolid account member state permit requir adopt system respect compani class compani annual consolid account consolid account fair account item develop intern consensu fair account current consensu fair account appli financi asset liabil instanc relat bank book note account includ inform financi instrument balanc sheet measur fair annual report give indic compani risk manag object polici relat financi instrument deriv financi instrument signific impact financi posit compani disclosur deriv financi instrument fair consid compani fair account order limit administr burden small compani member state allow exempt small compani disclosur requir account financi instrument fast evolv area financi report necessit review commiss base experi member state fair account practic adopt direct articl direct eec amend section insert quot section valuat fair articl derog articl subject condit set paragraph articl member state permit requir respect compani class compani valuat fair financi instrument includ deriv permiss requir restrict consolid account defin direct eec purpos direct commod base contract give contract parti settl cash financi instrument consid deriv financi instrument enter continu meet compani expect purchas sale usag requir design purpos incept expect settl deliveri commod paragraph appli liabil held part trade portfolio deriv financi instrument valuat paragraph appli deriv financi instrument held matur loan receiv origin compani held trade purpos interest subsidiari undertak joint ventur equiti instrument issu compani contract conting consider busi combin financi instrument special characterist instrument gener accept account differ financi instrument derog articl member state respect asset liabil qualifi hedg item fair hedg account system identifi portion asset liabil permit valuat specif amount requir system articl fair refer articl determin refer market financi instrument reliabl market readili identifi market readili identifi instrument identifi compon similar instrument market deriv compon similar instrument result gener accept valuat model techniqu instrument reliabl market readili identifi valuat model techniqu ensur reason approxim market financi instrument measur reliabl method paragraph measur accord articl articl notwithstand articl financi instrument valu accord articl chang includ profit loss account chang includ directli equiti fair reserv instrument account hedg instrument system hedg account chang shown profit loss account chang relat exchang differ aris monetari item form part compani net invest foreign entiti member state permit requir chang sale financi asset deriv financi instrument includ directli equiti fair reserv fair reserv adjust amount shown longer implement paragraph articl valuat fair financi instrument appli note account disclos signific assumpt underli valuat model techniqu fair valu determin accord articl categori financi instrument fair includ directli profit loss account includ fair reserv class deriv financi instrument inform extent natur instrument includ signific term condit affect amount time certainti futur cash flow tabl show movement fair reserv financi year quot articl refer point quot articl quot replac refer quot articl quot point ad quot valuat fair financi instrument appli accord section class deriv financi instrument fair instrument determin method prescrib articl ii inform extent natur instrument financi fix asset cover articl carri amount excess fair made option make adjust accord articl aa book fair individu asset group individu asset ii reason reduc book includ natur evid basi belief book recov quot text articl replac text quot member state permit compani refer articl draw abridg note account inform requir articl note disclos inform articl total item concern quot articl point ad quot relat compani financi instrument materi assess asset liabil financi posit profit loss compani financi risk manag object polici includ polici hedg major type forecast transact hedg account compani exposur price risk credit risk liquid risk cash flow risk quot articl refer quot articl quot replac refer quot section quot articl insert quot articl januari commiss review provis articl articl articl articl articl light experi acquir appli provis fair account take account intern develop field account submit propos european parliament council view amend abovement articl quot articl direct eec amend text articl replac text quot asset liabil includ consolid account valu uniform method accord section articl direct eec quot articl refer point quot articl quot replac refer quot articl articl quot point ad quot valuat fair financi instrument appli accord section direct eec signific assumpt underli valuat model techniqu fair valu determin accord articl direct categori financi instrument fair includ directli profit loss account accord articl direct includ fair reserv class deriv financi instrument inform extent natur instrument includ signific term condit affect amount time certainti futur cash flow tabl show movement fair reserv financi year valuat fair financi instrument appli accord section direct eec class deriv instrument fair instrument determin method prescrib articl direct ii inform extent natur instrument financi fix asset cover articl direct carri amount excess fair made option make adjust accord articl aa direct book fair individu asset group individu asset ii reason reduc book includ natur evid basi belief book recov quot articl point ad quot relat undertak financi instrument materi assess asset liabil financi posit profit loss financi risk manag object polici undertak includ polici hedg major type forecast transact hedg account exposur price risk credit risk liquid risk cash flow risk quot articl insert quot articl januari commiss review provis articl articl articl light experi acquir appli provis fair account take account intern develop field account submit propos european parliament council view amend abovement articl quot articl text articl direct eec replac text quot articl articl articl sentenc articl direct eec appli institut mention articl direct direct articl direct appli respect asset liabil valu accord section direct eec quot articl member state bring forc law regul administr provis compli direct januari forthwith inform commiss thereof member state adopt provis refer direct accompani refer occas offici public method make refer laid member state member state commun commiss main provis domest law adopt field govern direct articl direct address member state brussel septemb european parliament presid fontain council presid picqué oj oj opinion european parliament publish offici journal council decis oj direct amend direct ec oj oj direct amend act access oj oj