(11)The existence in Community law of an accounting standard on the treatment of financial instruments is an essential element of the core set of standards to be applied by companies in 2005. It is therefore the objective to arrive as soon as possible, and if at all possible no later than around the end of 2005, at a situation whereby an amended IAS 39 can be adopted in full by the Commission. Accordingly, the Commission will review the applicability of IAS 39 once the provisions relating to the fair value option and the hedge accounting have been amended by the IASB and at the latest by 31 December 2005. A solution is being worked at between the IASB, the European Central Bank and banking supervisors for the full fair value option. Accordingly, the Commission will closely follow this ongoing work and will regularly review the applicability of the standard. Similarly, the adoption of appropriate provisions on hedge accounting in the near future is closely linked to the progress made by the working group set up by the IASB.