The IAS 39 standard applies effective Jan. 1, 2005; and the EU requires that all EU exchange-listed companies use IAS for the year ending December 2005. According to Merrill Lynch:

* The IAS 39 standard is like FIN 46 in the U.S., a movement away from the FASB control-based approach of a few years ago and toward the U.K. GAAP risks-and-rewards-based approach to financial accounting.

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