THE INTERNATIONAL Accounting Standards Board (IASB) received a stern setback after four EU members vetoed a compromise forward derivatives rules.

THE INTERNATIONAL Accounting Standards Board (IASB) received a stern setback after four EU members vetoed a compromise forward derivatives rules, undermining the chance of finalising recommendations for the standard at the European Commission's July deadline.

Vetoes from France, Italy, Spain and Belgium cast serious doubt upon the European Commission's (EC's) ability to endorse the replete complement of international accounting standards (IAS) in time for the pan-European transition date of 1 January 2005 The EC had maintained that the 15 June deadline had to be met if IAS 39 Financial Instruments: Recognition and Measurement was to stay