by Jeremy Woolfe Brussels — The European Commission endorsement of Europe’s package of international accountancy standards, which would normally have to be cleared by a political committee in July, appears now to be set for clearance later this year — but it could be even later than that.

High-profile problems concerning objections from parts of the European banking and insurance sectors have succeeded in threatening the hoped-for achievement of having all the international accounting standards in place by Jan. 1, 2005 — and the probable delays could already be damaging the European capital market.

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