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The Bruce Column — Making financial instrument valuation safe

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Mar 18, 2015

On March 18, 2015, our resident regular columnist, Robert Bruce, talked to Sir David Tweedie about his objectives and intentions with respect to valuation, particularly of financial instruments, around the world.

Sir David Tweedie’s appetite for unifying standards around the world continues to be voracious. Having spent a decade of his life sorting out accounting standards in the UK and a decade applying himself to international financial reporting standards, he is now engrossed in trying to bring unity to valuation standards. And, as he says in a new video interview, his motivation and enthusiasm remain undimmed.

His plan is to get everyone involved, regulators, auditors, banks and standard-setters. 'Then we could look at what is causing the differences, what are the assumptions, where the data comes from', he says. The aim would be to get to a place where everyone was dealing with the same sort of information in a similar manner and so would be getting similar sorts of numbers. He reckons it will take three years. 'The whole [global] industry needs to come together', he says. And it will need the backing of the authorities to achieve it. 'The regulators', he says, 'will have to say: "You’re all going to do this"'.

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